Personal Taxation
What is the generic form that individuals file their taxes on? (4 numbers)
1040
True or False: C-Corporations pay taxes on the income used to pay dividends.
True
What Statement shows a Company's assets, liabilities, and Equity at a certain point in time?
Balance Sheet
What is Shelby's favorite holiday?
Christmas
You lose 100 points
Sorry
Name one of the two types of people who receive a larger standard deduction?
Elderly or Blind
For Tax purposes, you take deductions for business assets to reduce their basis. Name that deduction
Depreciation
Name any liability
A/P, Loans, Accruals, etc.
Is Shelby good at golf?
No
You win 200 points, unless Tyler is on your team, then you don't win anything
Congrats
How much of my Gambling Losses can I deduct?
Only able to offset Gambling Winnings if you use an itemized deduction
What is the deductible gifting limit?
$25 per person
Name a Current Asset
Cash, Marketable Securities, Inventory, Accounts Receivable, Prepaids, etc.
How do you spell Shelby's Husband's name?
Kris
You win 300 points
Congrats
What is it called when you sell stocks at a loss and then repurchase them within 30 days before or after?
Wash Sale
Name one generic income tax return form that a passthrough entity would file? (4 numbers) (2 possibilities)
1065 Partnerships, 1120S S-Corps
What is the timing difference between assets and liabilities that are current vs. long-term (or noncurrent)?
One year or less
What is Shelby's favorite NFL team?
The Kansas City Chiefs
You lose 400 points
Sorry
Starting in 2024 what type of account can you roll your unused 529 savings plan into?
Roth IRA
What is the dollar amount per square foot of the home office deduction using the simplified limit?
$5
What is the Accounting Formula?
Assets = Liabilities + Equity
How many pets does Shelby have?
ZERO
First Team to give Shelby a high-five gets 500 points
Sorry team in the back (I'll give you a pity 500 points, and we can high-five later)