Millie operates a business and files her tax return on a calendar-year basis. She paid $1,200 for two years of fire insurance on her building on November 1. Millie is a cash basis taxpayer. How much of the insurance premium paid can she deduct on her tax return this year?

Answer rating: 100% (QA)

As a cash basis taxpayer Millie can deduct expenses in the year they are actua... View the full answer