Did 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?
- 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:
3. What was the deadline for filing W-2s and 1099s electronically?
- January 1
- January 31
- March 15
- 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?
- March 15
- April 15
- April 17
- 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?
- Yes and no
- 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?
- It helped a lot
- It hurt a lot
- 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?
- Yes, you can deduct all mileage because your car is now a "business vehicle"
- Yes, but only for the weekend job
- Right, like I have time for a second job
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