Carol maintains an office in her home where she conducts a dressmaking business. During the year she collects $4,000 from sales, pays $1,300 for various materials and supplies, and properly allocates $2,500 of rent expense and $500 of her utilities expense to the use of her home office. What amount of the rent and utilities expense may Carol deduct in the current year in computing her net income or loss from the dressmaking business

$2,700

Explanation:

Calculation for What amount of the rent and utilities expense may Carol deduct in the current year in computing her net income or loss form the dressmaking business

Rent and utilities expense deduction=$4,000-$1,300

Rent and utilities expense deduction=$2,700

Therefore the amount of the rent and utilities expense may Carol deduct in the current year in computing her net income or loss form the dressmaking business will be $2,700

it's actually a very difficult task, due to not many people can make 2 million dollars in 2 years. besides that, to the not-so-realistic ideas, you can create a business. it could be practically anything, but make it into a business that isn't that known yet, you get me? also, lets not forget about stock market. that's where all the good stuff happens. use investments at the beginning and begin to raise up your business or whatever you're going to do. as this is a very non-realistic idea, it's still worth the shot!