What is charles total home office expense deduction, Accounting Basics

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What is charles total home office expense deduction

Charles is a self-employed CPA who maintains a qualifying office in his home. Charles has $60,000 gross income from his practice and incurs $48,000 in salaries, supplies, computer services, etc. Charles"s mortgage interest and real estate taxes allocable to the office total $5,000. Other expenses total $14,000 and consist of depreciation, utilities, insurance, and maintenance. What is Charles total home office expense deduction?

A. $5,000

b. $12,000

c. $14,000

d. $19,000

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Accounting Basics: What is charles total home office expense deduction

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Recent Questions Asked Accounting Basics

Q : Cost of goods sold and income tax expenses

Q : What is your actual margin

Q : What would the maintenance margin

Q : Statistics for business control and regression analysis

Q : What is charles total home office expense deduction

Q : Unearned service contract revenues

Q : Decisions and managing of resources

Q : How will the company be negatively impacted

Q : How much unearned revenue will exist

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What is charles total home office expense deduction

Reference No:- TGS092451

Recent Questions Asked Accounting Basics

Q : Cost of goods sold and income tax expenses

Q : What is your actual margin

Q : What would the maintenance margin

Q : Statistics for business control and regression analysis

Q : What is charles total home office expense deduction

Q : Unearned service contract revenues

Q : Decisions and managing of resources

Q : How will the company be negatively impacted

Q : How much unearned revenue will exist

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