Mark for follow up Question 5 of 35. Business income and expenses should be tracked contemporaneously for all of the following reasons, EXCEPT: O The IRS requires businesses to enter income and expenses into books and records within five business days. O It is easier to get a more accurate picture of the profitability of the business. O The business owner is less likely to misplace receipts or forget about expenses. O Good, up-to-date records can make applying for loans easier. OMark for follow up Question 6 of 35. If a sole proprietor has employees, they may deduct all of the following on their Schedule C (Form 1040), EXCEPT: O Benefits paid by the employer. Federal taxes withheld. Payroll taxes paid by the employer. Wages paid to employees. Mark for follow up Question 7 of 35