For Tax Year 2018, Taylor Used the Simplified Method of Determining

question 82

True/False

For tax year 2018, Taylor used the simplified method of determining her office in the home deduction. For 2019, Taylor must continue to use the simplified method and cannot switch to the regular (actual expense) method.

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Definitions:

Invoice

A document issued by a seller to a buyer that details a transaction and requests payment for goods or services provided.

Debit

An entry recorded on the left side of a ledger account that increases an asset or expense account, or decreases a liability, equity, or revenue account.

Credit

A financial arrangement where goods, services, or money is received in exchange for a promise to pay back later, often with interest.

"Dr"

An abbreviation for "debit record," indicating an entry on the left side of an account, representing an increase in assets or expenses.