Michelle Mayer has started her own business when she was in quarantine for Covid-19 protocols.She creates beautiful jewellry for casual and upscale events.Her creations are beautiful and her business has grown over the year.Her year end is December 31, 2020.An artist at heart, she does not understand income tax so she asks for your advice regarding the following transactions;Provide her with the Tax treatment(i.e. revenue, deductible, partially deductible or denied) and the Impact on NIFTP (revenue is denoted by a + and expense is denoted by a negative)for each transaction. Michelle purchased special hypoallergenic metal wire to create the necklaces from.This cost $2,500 for the entire year. TAx Treatment , Impact on NIFTP