Anne is a self-employed electrician who reports her business income using the accrual method over a calendar year. On September 1 ^st of this year, Anne paid $2,280 of interest on a loan. The interest accrues evenly over 19 months ($120 per month)from June 1 ^st of this year through December 31 ^st of next year. In addition, on September 1 ^st Anne also paid $2,700 for 18 months of professional liability insurance ($150 per month). What amount of interest and insurance can Anne deduct this year?

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The Answer of Anne is a self-employed electrician who reports her business income using the accrual method over a calendar year. On September 1 ^st of this year, Anne paid $2,280 of interest on a loan. The interest accrues evenly over 19 months ($120 per month)from June 1 ^st of this year through December 31 ^st of next year. In addition, on September 1 ^st Anne also paid $2,700 for 18 months of professional liability insurance ($150 per month). What amount of interest and insurance can Anne deduct this year?

Anne Is a Self-Employed Electrician Who Reports Her Business Income