 | Learning Objectives
(See related pages)
When you have completed this chapter, you should understand the following learning objectives (LO):
- 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.
|
|