The maximum credit allowed for adoptions for tax year 2021 is the amount of qualified adoption expenses up to $14,440, up from $14,300 for 2020. But figuring out your tax obligation isn’t as easy as comparing your salary to the brackets shown a... Read more
The $19 difference between the $469 interest expense and the $450 cash payment is the amount of the discount amortized. The entry on December 31 to record the interest payment using the effective interest method of amortizing interest is shown on the... Read more
The license will only apply to the event for which it is issued and cannot be used for any other event. Packing and crating that is subject to Colorado sales tax is any tangible personal property furnished to prepare tangible personal property purcha... Read more
You can learn more about our independent review process and partners in our advertiser disclosure. Brian Carmody is a writer and president of a manufacturing company who specializes in commercial lending, investing, and business loans. Brian is also ... Read more
In addition, accountants can charge more money than you would pay a tax consultant in certain circumstances. Taxpayers with simple returns can access free preparation services from many online tax software providers. Check carefully before committing... Read more
Although term bonds have a low-interest return, they are relatively free of risk and they are tax exempt. Certain provisions within some term bonds provide the issuers of the bonds with the option of redeeming the bonds from the investors before the ... Read more
Temporary account balances do not have opening balances as they are zeroed out before the new period starts, for the new balances to flow in. These accounts include revenue accounts, expenses accounts, and withdrawal accounts. The assets, liabilities... Read more
A suspense account could also be a liability if it holds accounts payables that you don’t know how to classify. As the name suggests, a suspense account is an account that temporarily records amounts that are yet to have their proper accounts d... Read more
You would have to show up in person at a branch location that belongs to your bank where your bank account is open. Most banks have a lines for the customers to get in line and wait for their turn to talk to the bank teller. All you have to do is jus... Read more
A person who receives goods or services from a business in credit or does not make the payment immediately and is liable to pay the business in the future is called a Sundry Debtor. Businesses use an account to track these transactions and they are c... Read more
