In addition to the $14,000 in expenses, in Nov. 2020, Julie’s Tax Prep paid two years’ worth of office rent ($1,000/month * 24 months = $24,000). The rent covers Nov. 1, 2020 through Oct. 31, 2022. How much of the $24,000 rent can Julie’s deduct in 2020?

Julie’s can deduct $2,000 in 2020

Explanation:

In 2020 rents for only two months November 2020 and December 2020 are accrued

First calculate the monthly rent

Monthly rent = Rent paid / Month for which rent paid = $24,000 / 24 months = $1,000 per months

Now calculate the rent deduction to be made by Julie in 2020

Rent deduction 2020 = Numbers of months accrued in 2020 x Monthly rent = 2 months x $1,000 per month = $2,000

due to the changes the federal reserve is making the unused reserves will impact the economy by them facing inflation. inflation is definfed as the increase in pricing of a good or service but the decline of the value of money used for purchasing those items. when the economy has a high inflation rate, they are subject to money loss and hurt on the economy.

muslims control the north africa during the period of 1500 up

to 1800. they made a barrier to prevent further european exploration from

entering the africa from the north. however, the dutch ware still able to move

toward the interior with having south africa as one of the routes leading to

the east for trading with asia.