Quiz: Record Keeping & Taxes (Sole Proprietor) December 14, 2016by admin It’s mandatory to maintain separate accounts for personal and business activities (program).* True False Grants are reportable as income for tax purposes.* True False Food reimbursements are reportable as income for tax purposes.* True False A percentage of rent/mortgage payments are deductible for tax purposes.* True False A percentage of electricity and gas expenses are deductible for tax purposes.* True False The cost of basic telephone service (land line) is deductible for tax purposes.* True False The cost of trainings, conferences, and other expenses related to professional development are deductible for tax purposes.* True False It is necessary to maintain all receipts for income and expenses for tax purposes.* True False It is useful to maintain a log of all hours worked in your home, including time cleaning (related to the program), planning of menu, lessons/activities, record-keeping, other administrative needs, and conversations.* True False The IRS W-10 form may be used as a year-end receipt for parents.* True False It is recommended to keep records for three years.* True False The most important factor in selecting a tax preparer is their fee.* True False Email me my quiz results You will also be shown your results after you press submit. Δ
