Tax Preparation Fees Incurred by an Individual Generally Are Treated

question 12

True/False

Tax preparation fees incurred by an individual generally are treated as miscellaneous itemized deductions and can be deducted only to the extent they exceed two percent of A.G.I.

---

Definitions:

Average Total Cost

The total cost of production (fixed and variable costs combined) divided by the number of units produced.

Average Variable Cost

The total variable cost of production divided by the number of units produced, indicating the variable cost per unit.

Break-even Point

The point at which total cost and total revenue are equal, meaning there is no profit or loss.

Average Total Cost (ATC)

Total cost divided by output.