Question
Thomas has the following expenses. Which is false? Select one: a. Thomas's unreimbursed employee business expenses are not deductible. b. Thomas's business deductions are deductible
Thomas has the following expenses. Which is false?
Select one:
a. Thomas's unreimbursed employee business expenses are not deductible.
b. Thomas's business deductions are deductible for AGI but they are not readily visible on page 1 or page 2 of Form 1040.
c. Thomas has a business which files schedule C. California income taxes with respect to the business are deducted on Schedule C.
d. None of the choices is correct.
e. Thomas has both business expenses and investment expenses. It is important to distinguish between the two because business expenses are deductible FOR AGI but investment expenses cannot be deducted either FOR AGI or FROM AGI.
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