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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 |
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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 |
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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 |
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Itemized Deductions:
[ C. - M. I. N. T. ] |
C = Charitable Contributions
M = Medical Expenses I = Interest N = Non-Business Losses T = Taxes |
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Itemized Deductions:
The (5) "Non-Business Losses" |
Casualty Loss
Theft Loss Gambling Losses Lost Transaction Investments Loss on Sale of Personal Assets |
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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 |