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Tax-Season Test: The Sequel

April 16, 2018 / by Jane Lvovskiy

AdobeStock_103100382.jpegDid you take our tax-prep quiz last year? If so, you were probably a lot better prepared for tax time this year.

We've updated our test for 2018 — take it, and see how you do. The answers (and your grade) are at the end.

1. You made a $100,000 equipment purchase in October. What's the maximum amount of that cost you could deduct this year?

  1. 0%
  2. 50%
  3. 100%
  4. A $100,000 equipment purchase? I wish.

2. Now that you've filed your employment taxes for 2017, you can safely discard your records from:

  1. 2016
  2. 2015
  3. 2014
  4. 1973

3. What was the deadline for filing W-2s and 1099s electronically?

  1. January 1
  2. January 31
  3. March 15
  4. Electronically? Where do I plug them in?

4. If you're a sole proprietor or single-member LLC, what was your filing deadline this year?

  1. March 15
  2. April 15
  3. April 17
  4. Deadline, schmedline

5. In 2016 you used the "actual business driving expenses" for travel. You decided to use the "standard mileage deduction" in 2017. Can you make that switch?

  1. Yes
  2. No
  3. Yes and no
  4. I can deduct driving expenses?

6. The Tax Cuts and Jobs Act has imposed a flat corporate tax rate of 21%. What impact did that have on the return you just filed for your C corp?

  1. None
  2. It helped a lot
  3. It hurt a lot
  4. I was supposed to file my return already?

7. You decided to supplement your small-business income by driving on weekends for a company that provides rides through an app. Can you deduct your mileage?

  1. Yes, you can deduct all mileage because your car is now a "business vehicle"
  2. Yes, but only for the weekend job
  3. No
  4. Right, like I have time for a second job

ANSWERS

  1. C
  2. D
  3. B
  4. C
  5. B
  6. A
  7. B

Your Grade
7: You always labeled your underwear when you went to camp, didn't you?
5-6: Those business courses were good for something
2-4: You know just enough to be dangerous
0-1: Your poor spouse

Topics: Bookkeeping Services, Brooklyn - Staten Island

Jane Lvovskiy

Written by Jane Lvovskiy