Discuss the nature of income and income tax. Which do you think is most advantageous? income from
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Question:
- Discuss the nature of income and income tax. Which do you think is most advantageous?
- income from wages (W-2)
- self-employed income (1099-Misc / Schedule C)
- hobby income
- One may state there is a lot of abuse in reporting the self-employed business expense. Some of the deductions are mix-purpose in nature (both personal and business). Please provide an example of expense and what can someone do as a responsible taxpayer (and to prevail itself from IRS) in terms of decision-making and record keeping.
Expert Answer:
Answer Income Income is money that a person or business receives in return for doing work providing a product or service or investing capital A persons income can also come from pension government ben... View the full answer
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