Question: 1. Explain the situations where a spouse may get relief from the other spouse's financial obligations. List at least three types of relief and

1. Explain the situations where a spouse may get relief from the other spouse's financial obligations. List at least three types of relief and examples. 2. What are the rules to determine a dependent status? 3. What are the requirements for alimony deductions under a divorce or separate maintenance decree? 4. What expenses are deductible as home office expenses? Give examples. 5. Explain what hobby income and normal income are How does one determine what income is hobby income? 6. Explain the three tax accounting methods used for companies. Give examples of what companies may use each method and why. 7. Discuss qualified business income (QBI). What is it? Discuss the deduction thresholds.

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1 Situations where a spouse may get relief from the other spouses financial obligations include a Innocent Spouse Relief This relief is available when one spouse can prove that they were unaware of an... View full answer

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