What is the definition of being self-employed

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What is the definition of being self-employed? What distinguishes a self-employed individual from an employee? Why is this distinction important? Explain.

Suppose you live 60 miles from your old place of business, but you have changed jobs with a new job site 100 miles away from your old residence. You buy a new home one-mile from your new business. Are you qualified for a moving expense deduction? Explain the requirements for moving expense deductions.

How is the write-off of a bad debt handled on the tax return? How does the debtor have to handle the forgiveness of the debt? Why?

How is basis determined? What events can adjust basis up or down? How does tax basis differ from GAAP accounting basis?

Are you qualified to claim a home office deduction if you have another full-time office? Explain.

What is the difference between a tax credit and a tax deduction? Which is preferable? What is the difference between a refundable and non-refundable tax credit?

What are some year-end tax planning strategies you (personally) can employ to minimize your next year's tax liability?

Reference no: EM13151538

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