FINANCE

  1. Who is responsible for substantiating income tax deductions and how are income tax deductions substantiated?
  2. Explain the above-the-line deduction for educator expenses.
  3. If a taxpayer owns a business, what are the three circumstances under which expenses related to a home office can be deducted?
  4. Describe the deduction for state sales tax?
  5. How does the IRS determine whether an activity is a hobby or a trade or business?