[reallytired]

I made a few mnemonics to help with personal taxes, as I took a Becker final yesterday and that stuff kicked my butt (especially the 2% AGI stuff). I added a “y” to the first one because my OCD did not like that it wasn’t a coherent phrase, the “y” does not stand for anything. Hopefully someone else may find this useful!

Above the line deductions: THIS MESS(y) DAATE
Tuition and fees deduction ($4000 for 2016)
HSA ($3350 for 2016, add $1000 for age 55+)
IRA
Student loan interest expense ($2500 for 2016)

Moving expenses (direct moving costs only)
Educator expenses ($250 for 2016)
Self employed health insurance(100% deductible)
Self employed contribution plan (Keogh)
Y

Domestic production activities
Alimony
Attorney fees paid in discrimination cases
Tax on self employment (50%)
Early withdrawal penalty

Below the line (*I did not make this one up, but wanted to add it to this post*): COMMITT
Charitable contributions (50% AGI)
Other miscellaneous (gambling losses)
Miscellaneous subject to 2% AGI
Medical expenses (10% AGI test)
Interest
Taxes (real estate, income taxes, personal property, sales tax)
Theft and casualty (10% AGI test)

Breakdown of 2% AGI Test: U DA BEST BEBE
Uniforms

Debit card convenience fees incurred to pay income tax
Activities not engaged for profit (hobbies)

Business expenses unreimbursed
Educational expenses (maintain/improve skills, for retention of job)
Subscription to professional journals
Tax preparation fees

Business gifts ($25 per recipient for 2016)
Employment agency fees (job hunting expenses)
Business use of home (not deductible unless that part of home is used solely for business/ benefits
employer)
Expenses of investors (safe deposit box rental expense and investment advice)

B 10/29/16
A 10/1/16
R 9/2/16
F 7/26/16

[reallytired]

.

B 10/29/16
A 10/1/16
R 9/2/16
F 7/26/16

[SkiBum1990]

good work! much appreciated.

"The mind can only absorb as much as the seat can take"

B - 79
A - 68, __ (got bumped from Aug 4 release to Aug 23-THANKS AICPA)
R - Oct
F - Nov (HA! 1 month to study working full-time; love NTS rules)

[Spartans92]

You must have had some very interesting dating experiences 🙂 I find those mnemonics not only funny but very helpful actually! Thanks a lot and good luck with REG

BEC- PASS

[Author]

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