Charishma,a CPA,paid the following expenses in pursuing her profession: -Professional society dues -$450
-Tax and accounting journals -$250
How much of these expenses can be deducted if she is an employee of an accounting firm,and how much is deductible is she is a self-employed CPA? Ignore any potential limitations based on AGI.
A)Employee -$0; Self-employed -$0
B)Employee -$700; Self-employed -$700
C)Employee -$0; Self-employed -$700
D)Employee -$700; Self-employed -$0

Question

Quizplus · Accepted Answer

As an employee, unreimbursed job expenses are not deductible. As a self-employed individual, these expenses are deductible as business expenses.

Charishma,a CPA,paid the Following Expenses in Pursuing Her Profession: -Professional