Are Income Taxes Posted as an Expense?

Answer Accounts in accounting can be divided into real and nominal accounts. Real accounts are used to keep track of a business's economic resources, economic obligations and the claim that its owners hav... Read More »

Top Q&A For: Are Income Taxes Posted as an Expense

How to Calculate Income Tax Expense?

Income tax expense is based on a percentage of gross yearly income. Several exemptions and deductions reduce the gross earned income to a net earned income on the Federal 1040 form. The Federal inc... Read More »

Income Statement Classification of Royalty Expense?

Businesses create income statements for each accounting cycle, typically on a yearly basis. Each income and expense account must be reported on the income statement so investors and managers can ev... Read More »

My dad receives disability checks in my name for which is posted on my w-2s and i need to claim that income?

Contact the social security office in your area and let them know you no longer live with dad.http://ssa.govAlso, a W2 is a form you get from an employer, not from the government for disability ben... Read More »

How to Expense Real Estate Depreciation With No Rental Income?

You may claim a depreciation expense for your rental property in a year you have no rental income if you plan on keeping the property as a rental income producing asset. You must depreciate your re... Read More »