11.A taxpayer is claiming tax preparation expense as a legal and professional fee. They paid $430 at your office last year. The forms breakdown by cost is as follows: Form 1040- $100 Form Sch. C- $125 Form SE- $55 Form 8867- $75 Form 8863- $75 What is the correct amount that can be deducted on their Schedule C for the current year? Choose one answer. a. $280 b. $180 c. $355 d. $430
11.A taxpayer is claiming tax preparation expense as a legal and professional fee. They paid $430 at your office last year. The forms breakdown by cost is as follows: Form 1040- $100 Form Sch. C- $125 Form SE- $55 Form 8867- $75 Form 8863- $75 What is the correct amount that can be deducted on their Schedule C for the current year? Choose one answer. a. $280 b. $180 c. $355 d. $430
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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11.A taxpayer is claiming tax preparation expense as a legal and professional fee. They paid $430 at your office last year. The forms breakdown by cost is as follows:
Form 1040- $100
Form Sch. C- $125
Form SE- $55
Form 8867- $75
Form 8863- $75
What is the correct amount that can be deducted on their Schedule C for the current year?
Choose one answer.
a. $280 | ||
b. $180 | ||
c. $355 | ||
d. $430 |
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