Rachel, a Self- Employed Business Consultant, Has Significant Expenses for Travel

question 409

True/False

Rachel, a self- employed business consultant, has significant expenses for travel business meals with clients in her work, but she has not kept receipts. She will be able to deduct a reasonable amount of these ordinary and necessary expenses under the Cohan rule.

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Definitions:

Customer Value Proposition (CVP)

A business or marketing statement that describes why a customer should buy a product or use a service, focusing on the unique value the product or service provides.

Effective

Refers to something being successful in producing a desired or intended result.

Direct Competition

Occurs when businesses offer the same or similar products or services to the same customer base.

Unmet Customer Needs

Desires or requirements of consumers that are not being satisfied by current products or services on the market.