By Ensuring Your Goal Statements Are SMART,you Create a System

question 50

True/False

By ensuring your goal statements are SMART,you create a system for managing action steps and increase the likelihood that these goals are attained.

---

Definitions:

Passive Activity Losses

Financial losses in activities in which the taxpayer does not materially participate, with limitations on their use to offset other income.

Passive Losses

Financial losses from activities in which the taxpayer does not materially participate, such as rental property.

Portfolio Income

Income from investments, including dividends, interest, and capital gains.

Material Participant

An individual who is actively involved on a regular, continuous, and substantial basis in the operations of a business, affecting their tax treatment of losses.