Bruce is self$-$employed and has several expenses which could be classified as either a business expense or a personal expense. Which of the following statements regarding classification as business expenses versus personal expenses is correct?

Question $10$ options:

Business expenses are deducted above$-$the$-$line, while personal expenses may be classified as either above$-$the$-$line or below$-$the$-$line deductions.

Business expenses may be either above$-$the$-$line or below$-$the$-$line deductions, while personal expenses are deducted above$-$the$-$line.

From a tax planning perspective, it is more advantageous to classify expenses as personal expenses versus business expenses.

From a tax planning perspective, it makes no difference whether expenses are classified as business or personal expenses.