Fundamentals of Taxation 2017
Quiz 6: Self-Employed Business Income Line 12 of Form 1040 and Schedule C
For an Expense to Be Ordinary,it Must Be Customary or Usual
For an expense to be ordinary,it must be customary or usual in the taxpayer's particular business.
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For an expense to be necessary,it must be essential to the taxpayer's business.
Fines paid that are ordinary and necessary in a trade or business generally are deductible.
Depreciation is allowed for every tangible asset except land)used either in a trade or business or for the production of income.
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