Mnenmonics

Question 1

Uncle Igor Always Drinks Patron In Mugs

Answer 1

1. Understanding client’s personal and financial circumstances
2. Identifying and selecting goals,
3. Analyzing the client’s current course of action and potential alternative courses of action,
4. Developing the financial planning recommendations,
5. Presenting the financial planning recommendations,
6. Implementing the financial planning recommendations,
7. Monitoring progress and updating

Question 2

SHARPE 100% has MS

Answer 2

• ½ Self-employment tax (x .1413) ( divided by 2)
• HSA
• Alimony paid before 2019
• Retirement contributions (IRAs- iras, Keogh, SEPs)
• Penalty for early withdrawal
• Education
• Military moving expenses
• Student Loan interest ($2500)
• 100% of health insurance premiums paid for self employed individuals!

Question 3

Sandusky & Paterno Committed A CRIMMe

Answer 3

• State and local taxes*
• Personal property taxes *
• Casualty and theft losses = (lesser basis or FMV), - insurance, - $100 floor, - 10% of AGI)
• Charitable Gifts (max 60% of AGI)
• Real estate taxes*
• Investment interest expenses (up to net investment income)
• Medical, dental, and LTC (7.5% of AGI)
• Mortgage interest
  
  • limited to $10k per year for all added together

Schedule A

Question 4

I prefer my IPOD over adding back my Intellectual Property

Answer 4

• AMT preference items:
  o Intangible drilling costs
  o Private activity muni bonds
  o Oil and gas percentage depletion- NOT cost depletion
  o Depreciation (ACRS/MACRS)- NOT straight line
• AMT Add Back Items
  o Incentive stock option bargain element
  o Property, state and city income taxes

Question 5

Olivia Celeste Leporace F**ks Ian Shore but not really really normally

Answer 5

• Original basis: ADD commissions, legal fees, freight, improvement (capitalized) , sales tax
• NOT: DON’T DO ANYTHING repairs (always deducted), real estate taxes, normal business operating expenses

Question 6

Alex’s Cat schedule: everyday @ 12:45pm
May, feed the CAT. $10 a week straight
July, just Open back door. $7.14 a week straight
Can get $179 AT the time I got at 12:45. 1250am is when the real estate opens up.

Answer 6