The total of the operating expenses for the period is deducted from the gross profit on sales to determine the

Question

The total of the operating expenses for the period is deducted from the gross profit on sales to determine the net income or net loss from operations

is this answer yes are no

Answer 1

Yes thats correct

Answer 2

you have a total misunderstanding of the tax code which is understandable because many self employed cheat on what is deductible. The fact is unless the item deducted meets all of the criteria it is not deductible to be deductible the expense must be ordinary, customary and necessary for the business. anything that is not 100% business use must be percentage allocated. Some items are never deductible like if you only have one phone only the long distance charges for business are deductible, no long distance bill zero deduction. Auto very specific requirements even though 90% claim 100% even though about 1/2 actually qualify. The tax preparer liability act with the new very high fines for not asking the right questions and adjusting expenses will help with the fraud. I lost about 1/2 the business I purchased from a preparer because he failed to allocate and ask questions when I followed the law even though I could show proof of the requirement people went some place else

Answer 3

Yes. Also known as Operating Income.

Answer 4

The statement is correct.