Federal taxation 134 question answers
1. An ordinary expenditure is one which is commonly incurred by other businesses. 2. Hobby expenditures are deductible to the extent of hobby gross income. 3. If an employee accounts to the employer for business-related expenses and is reimbursed by the employer, the expenses must still be reported on the employee’s tax return. 4. Job-seeking expenses are not deductible if an individual fi nds a […]