- 3 -
reported that he was employed as a "Tax Consultant" trading
under the name "Bill's Business Service". Attached to each
return is Schedule C, Profit or Loss From Business, with
respect to Mr. Webber's tax consulting business. Set out
below is a summary of the income and expenses reported on
the Schedule C filed by Mr. Webber for 1992 and 1993:
1992 1993
Gross receipts $31,546 $28,039
Cost of goods sold 168 7,383
Gross Income 31,378 20,656
Advertising $212 -0-
Car and truck expenses5,618 $3,521
Commissions and fees2,446 -0-
Insurance 200 -0-
Interest:
a Mortgage (paid to banks, etc.)
b Other 68 -0-
Legal and professional services600 541
Office expense 1,928 1,485
Rent or lease:
a Vehicles, machinery, and equipment
b Other business property120 132
Repairs and maintenance970 154
Supplies 4,493 3,264
Taxes and licenses 75 -0-
Travel, meals, and entertainment:
a Travel 442 137
b Meals and entertainment$6,574 $926
c Enter 20% of line b1,315 185
d Subtract line c from b5,259 741
Utilities 1,836 2,865
Other expenses:
Bank charges 144 36
Postage 578 -0-
Continuing education-0- 453
Contributions -0- 125
Dues and subscriptions-0- 754
722 1,368
Total expenses 24,989 14,208
Net profit (loss) 6,389 6,448
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Last modified: May 25, 2011