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6 Cards in this Set

  • Front
  • Back
Specific Items Included in Gross Income:

[ C. - D.A.D. - G.A.S.P ]
C = Canceled Debt

D = Deferred Compensation

A = Alimony

D = Distribution of Stock

G = Group Term Life Insurance

A = Annuities

S = Services of Child

P = Prizes and Awards
Exclusions From Gross Income:

[ F.I.L.E.S. - B.I.G. - C.H.I.M.P.S. ]
F = Fringe Benefits

I = Inheritance

L = Life Insurance

E = Education Expenses

S = Sale of Principle Residence

B = Bond Interest

I = Injury Damages

G = Gifts

C = Capitol Contributions

H = Health Insurance

I = Improvements to Lessor's Property

M = Meals and Lodging

S = Social Security Benefits
Deductions to Arrive at Adjusted Gross Income:

[ N.I.C.E. - M.O.V.E.S. ]
N = Nonemployee Business Expenses

I = I.R.A. Contributions

C = Capitol Losses

E = Employee Expenses

M = Moving Expenses

O = Other Deductions

V = Vacation Rental Income

E = Education Related

S = Self-Employed Individuals
Itemized Deductions:

[ C. - M. I. N. T. ]
C = Charitable Contributions

M = Medical Expenses

I = Interest

N = Non-Business Losses

T = Taxes
Itemized Deductions:

The (5) "Non-Business Losses"
Casualty Loss

Theft Loss

Gambling Losses

Lost Transaction Investments

Loss on Sale of Personal Assets
Non-Deductible Expenses:

[ H.A.P.P.Y. - F.A.C.E. ]
H = Hobbies

A = Activities not for Profit

P = Personal Expenses

P = Passive Losses

Y = Your Business Gifts

F = Federal Taxes

A = Assets to Political Parties

C = Capitol Expenditures

E = Entertainment Expenses