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The document discusses self-employed business income reported on Schedule C. It defines a trade or business as any activity engaged in for profit regularly and continually. Expenses must be ordinary, necessary and reasonable to be deductible. Depreciation is reported on Form 4562 and flows to other forms like Schedule C. Depreciation is allowed on most business assets and adjusted basis is cost basis minus accumulated depreciation. Self-employment tax consists of social security and Medicare taxes, with social security tax limited to the first $97,500 of income.
The document discusses self-employed business income reported on Schedule C. It defines a trade or business as any activity engaged in for profit regularly and continually. Expenses must be …