1. What are Gross Receipts?
2. How do you calculate Cost of Goods Sold (use a FIFO or LIFO example)?
3. Give an example of how to calculate the Standard Mileage Method and the Actual Cost Method for business use of a car/truck.
4. Describe the rules for Meals and Entertainment Expenses.
5. Describe the rules for deducting Special Clothing and Uniforms.
6. What is a Business Bad Debt?  Can a Cash Method Taxpayer claim same?  Why or Why Not?
7. What is a Hobby Loss?
8. What is Self-Employment Tax?

Answer rating: 100% (QA)

1 Gross Receipts Definition Gross receipts refer to the total revenue a business generates from its primary operations before deducting any expenses 2 ... View the full answer