Bob Giannardo, Single, age 32, is an Independent Contractor and the sole proprietor
of Giannardo's Pizza. In 2024, his business had $240,000 of Revenues and $100,000
of expenses. Included in these expenses are $4,800 of actual costs related to the
business use of his automobile. Bob also paid mortgage interest on his principal
residence of $22,000 and real estate taxes of $14,000. Bob had no other income in
2024. Based solely on this information:
Bob's net income on his Schedule C will be $144,800
Bob should claim the standard deduction.
Bob's net income on his Schedule C will be $140,000.
Bob's Income and Adjusted Gross Income will be the same.
C & D are correct.
