 | Learning Objectives
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- Describe how income and expenses from a self-employed individual are recognized and reported.
- Explain the concept of ordinary and necessary business expenses.
- Explain the calculation of depreciation for trade or business assets.
- Describe travel and entertainment expenses and discuss their deductibility.
- Apply the rules for deducting the business portion of a residence and business bad debts.
- Explain the hobby loss rules and the limits on educational expense deductibility.
- Describe the calculation of self-employment taxes.
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