Which of the following is a true statement? Multiple Choice For purposes of the
The correct answer is option C. Self-employed taxpayers are not allowed to deduct health care premiums if the taxpayer is eligible to participate in their spouse's employer-provided health plan.
Explanation:
The Correct statements from the given options is option C. Self-employed taxpayers are not allowed to deduct health care premiums if the taxpayer is eligible to participate in their spouse's employer-provided health plan.
However, If you’re self-employed, you may be able to take a federal income tax deduction for every penny you spend to buy health insurance for yourself, your spouse and any dependents you have — as long as you meet the criteria for doing so.
Self-employed taxpayers are not allowed to deduct health care premiums if the taxpayer is eligible to participate in their spouse's employer-provided health plan. TRUE, IF YOU ARE ELIGIBLE TO PARTICIPATE IN YOUR SPOUSE'S HEALTH CARE PLAN, THEN YOU ARE NOT ALLOWED TO DEDUCT HEALTH CARE PREMIUMS.
Explanation:
The other statements are false because:
For purposes of the deduction for educational interest, an educational loan must be used to pay tuition to any type of school. FALSE, IT MUST BE USED TO PAY FOR HIGHER EDUCATION EXPENSES ONLY (E.G. COLLEGE).The maximum deduction for educational interest is $5,000 for married taxpayers filing jointly. FALSE, THE MAXIMUM DEDUCTION IS ONLY $2,500.Self-employment taxes paid by self-employed taxpayers are deductible as business expenses. FALSE, ONLY HALF OF YOUR SELF-EMPLOYMENT TAXES CAN BE DEDUCTED AS BUSINESS EXPENSES.
Increase
The accounts receivable asset shows how much money customers who bought products on credit still owe the business; this asset is a promise of cash that the business will receive. Cash doesn’t increase until the business collects money from its customers.
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