The work-related expenses of an independent contractor are treated as itemized deductions.

True

False

A taxpayer who maintains an office in the home to conduct his only business will not have nondeductible commuting expenses.

True

False

For tax purposes, travel is a broader classification than transportation.

True

False

A taxpayer who lives and works in Tulsa travels to Buffalo for five days. If three days are spent on business and two days are spent on visiting relatives, only 60% of the airfare is deductible.

True

False

Under the regular (actual expense) method, the po rtion of the office in the home deduction that exceeds the income from the business can be carried over to future years.

True

False

Under the simplified method, the maximum office in the home deduction allowed is the greater of $1,500 or the office square feet $5.

True

False

For self-employed taxpayers, travel expenses are deductions for AGI.

True

False

One of the purposes of the qualified business income deduction was to reduce the taxes on businesses that are operating in noncorporate business forms (e.g., sole proprietors, partnerships, and S corporations).

True

False

Code 199A permits an individual to deduct 25% of the qualified business income generated through a sole proprietorship, a partnership, or an S corporation.

True

False

Qualified business income (QBI) is defined as the ordinary income less ordinary deductions a taxpayer earns from a qualified trade or business (e.g., from a sole proprietorship, S corporation, or partnership) conducted in the United States by the taxpayer.

True

False