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Services with sole proprietor taxpayers

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Reference no: EM133295985

Question

How can you add value to your services with sole proprietor taxpayers and help to improve their financial and tax situation with your knowledge and advice?

A. Emphasize the importance of keeping detailed records of income and expenses.

B. For sole proprietors with gross receipts less than $5,000, use Schedule 1 (Form 1040), line 8, rather than a Schedule C (Form 1040).

C. Avoid asking personal questions if the taxpayer becomes embarrassed or defensive, even if their answers seem inconsistent.

D. Not discuss the option of taking a tangible personal property deduction because the tax preparer does not really understand the concept.

Reference no: EM133295985

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