Which of the following business expenses will not be deductible when paid by the taxpayer? Fees...
Which of the following business expenses will not be deductible when paid by the taxpayer?
Fees paid for preparation of the taxpayers income tax return.
Interest paid on a loan that the taxpayers took out to purchase equipment used in her/his style proprietorship.
Continuing education materials paid for by an enrolled agent in support of his/her tax practice.
Dues paid by an attorney to a social club, which she uses as part of her marketing program to attract new clients to her law practice.
Homework Answers
Solution: Dues paid by an attorney to a social club, which she uses as part of her marketing program to attract new clients to her law practice
Explanation: Although the due are given to a social club, however are used in business for the marketing programs thus do not qualify for the deductions
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Which of the following business expenses will not be
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business is considered a sole proprietorship for income tax
purposes and represents Stella's only source of income. In 2018,
the standard deduction amount was greater than Stella's total
itemized deductions. Stella does not have any available tax credits
nor did she make any estimated tax payments for her 2018 tax
return.
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