Question 6 of 35. Business income and expenses should be tracked contemporaneously for all of the following reasons, EXCEPT: The IRS requires businesses to enter income and expenses into books and records within five business days. It is easier to get a more accurate picture of the profitability of the business. The business owner is less likely to misplace receipts or forget about expenses. dood, up-to-date records can make applying for loans easier. Mark for follow up Question 7 of 35. Self-employed taxpayers are allowed to deduct one-half of their SE tax on their Schedule A (Form 1040) Schedule 1 (Form 1040). Schedule C (Form 1040) Schedule SE (Form 1040) Mark for follow up after calculating the tentative profit. Question 8 of 35. On Schedule C (Form 1040), a sole proprietor can potentially deduct One-half of self-employment tax Office-in-home expenses. Qualified business income deduction Self-employed health insurance deduction