Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 21 of 35. If a business owner paid for business expenses with their personal account, and those expenses would otherwise be deductible, they: CANNOT

image text in transcribed

Question 21 of 35. If a business owner paid for business expenses with their personal account, and those expenses would otherwise be deductible, they: CANNOT be deducted on the tax return because they weren't paid from a business account. CAN be included on the tax return as long as proof of the expense is sent with the return. CAN be deducted on the tax return. CANNOT be deducted because the IRS requires separate business and personal bank accounts. Mark for follow up

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Commercial Energy Auditing Referance Handbook

Authors: Steve Doty

1st Edition

0881736481, 978-0881736489

More Books

Students also viewed these Accounting questions