Fundamentals of Taxation 2017
Quiz 6: Self-Employed Business Income Line 12 of Form 1040 and Schedule C
The Significance of Meeting the "Travel Away from Home" Standard
The significance of meeting the "travel away from home" standard is that it allows the deduction of meals,lodging,and other incidental expenses such as dry cleaning.
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Meals and entertainment expenses are limited to 50%.
A business bad debt is treated as a short-term capital loss and can be deducted only when it becomes completely worthless.
For a cash-basis taxpayer,any account receivable that is not collected can be written off as a bad debt.
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