Which of the following professionals is NOT considered engaged in a specified service trade or business (SSTB)? NFL player. Personal trainer. Paralegal. Tax return prepare
Personal Trainer is not considered as an SSTB, as it is not directly related to the Medical field, which entails SSTB to professionals like Doctors, nurses etc.
All others like NFL player, Paralegal and Tax Return preparers are very well part of SSTB under Athletics, Law and Accounting domains
Which of the following professionals is NOT considered engaged in a specified service trade or business...
Becker CPA Review 2-1 Which of the following is considered a specified service trade or business (SSTB) for purposes of the qualifying business income deduction? a.Accounting firm b.Manufacturing company c.Engineering firm d.Architectural services
Which of the following is considered specified service trade or business? a. Athlete b. Architect c. C corporation employee d. Engineer
What is considered a specified service trade or business
Jake, a veterinarian, is engaged in a specified service trade or business. He is single, with taxable income of $195,000. As Jake's Tax Professional, you use the ten-step process to compute his qualified business income deduction. Your last step in the computation process is to figure his: Limitation based on Form W-2 wages paid by his business. Phase in limitation. Phaseout limitation. Limitation based on the unadjusted basis of qualified property held by his business.
Choose the response that best describes a taxpayer engaged in a specified service trade or business. Allister, a self-employed financial planner. Janelle, an employee who works part-time for a home healthcare service. Mason, a partner in a law firm. The firm is organized as a C corporation. Courtney, who owns shares of a manufacturing business organized as an S corporation.
Which one of the following is a specified service trade or business? A. architectural services B. Construction services C. Engineering services d. Financial services
Becker CPA Review 2-3 Which of the following statements is true regarding taxpayers with taxable income below the taxable income limitations for the qualifying business income (QBI) deduction? a.QBI deduction is only allowed if a qualified trade or business (QTB). b.QBI deduction is a phased-out deduction if a specified service trade or business (SSTB). c.QBI deduction is limited to 50 percent of W–2 wages. d.A qualified trade or business (QTB) and specified trade or business (SSTB) are treated the same.
Which of the following actions does not constitute being engaged in a U.S. trade or business? A) Living temporarily in the U.S. under an F, J, M, or Q visa B) Depositing funds in a U.S. bank account C) Being in a partnership that is engaged in a trade or business in the United States D) Performing services in the United States (with some exceptions)
All of the following are considered specified service trades or businesses EXCEPT: Engineer Doctor Lawyer Consultant
Which of the following statements is correct in connection with the investigation of a business? a.If the taxpayer is not already engaged in the trade or business, the expenses incurred are deductible if the project is abandoned. b.That business must be related to the taxpayer's present business for any expense ever to be deductible. c.Regardless of whether the taxpayer is already engaged in the trade or business, the expenses must be capitalized and amortized. d.Expenses may be deducted immediately by...