C Me Outside
Cost and Accrual are types of these
Accounting Method
Schedule A deductions were limited and standard deduction was increased by the Tax Cut and Jobs Act introduced by this president
Donald Trump
The amount you pay for an asset
Cost Basis
The loss in the sale of an investment is called this type of loss
Capital Gains Loss
Beginning and Ending Inventory are tracked with these type of expenses
Cost of Goods Sold
Mandatory Healthcare was instated by the Affordable Care Act introduced by this President
Barack Obama
Business purchases are tracked on Schedule 4562 to calculate this expense
Depreciate
If your Sole Prop has loss for 3 out of the last 5 years, it may no longer be considered For-Profit and instead would be this
A Hobby
A Home office deduction can either use actual expenses or this method
Simplified Method
The CARES act of 2020 allowed you to take out early from you retirement without penalty if it was consider this type of distribution
Covid-Related Distribution / Coronavirus-Related Distribution
The sale of business property and depreciation recapture is shown on the Schedule
4797
If your total deductions are higher than your total income, you may have this type of loss
Net Operating Loss (NOL)
Qualified Business Income Deductions generally have a phase out limit unless your are one of these businesses
Specified Service Trade or Business (SSTB)
The CARES Act of 2020 helped businesses pay their employees through COVID by giving them this credit
Employee Retention Credit (ERC)
The process of separating depreciation between a building and components of the building is called this
Cost Segregation Study
A casualty loss is currently only allowable if it occurs from this type of event
Federally Declared Disaster
Got Employees, you'll need to file one of these every 3 months to calculate their Quarterly FICA
Form 941
Which President passed the CARES act?
Donald Trump
A 1031 Like-Kind exchange may include a non-like-kind property (usually cash) called this
a Boot
Losses from rental real estate are generally subject to passive activity limitations unless they are these type of rentals
Short-Term Rental Properties