specified service trade or business include many professional service business like accounting, legal, health, actuarial science, performing arts, financial and brokerage services. it includes the companies which are involved into consulting business and in any trade or business where the principal asset is the goodwill or professional skill of 1 or more of its employees or owners
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
Which of the following is considered specified service trade or business? a. Athlete b. Architect c. C corporation employee d. Engineer
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 one of the following is a specified service trade or business? A. architectural services B. Construction services C. Engineering services d. Financial services
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.
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.
Salaries are considered an ordinary and necessary expense of a trade or business if they meet what other requirement? What are the tax consequences if this requirement is not met?
All of the following are considered specified service trades or businesses EXCEPT: Engineer Doctor Lawyer Consultant
Give a real or fictitious example of a trade secret. What would be considered a theft of this trade secret? What should an owner of a business do to protect trade secrets? To win a lawsuit to protect a trade secret what must the owner prove?
Taxpayers filing single, regardless of whether they did or did not engage in a specified service trade or business, will only be subject to the "ordinary" taxable income limitation if their taxable income falls at or below which amount? $0 $160,700 $160,725 $321,400