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 »

Can i deduct the expense of my cell phone bill on my taxes?

On One Hand: Not for Personal UseIf you use your cell phone for personal use, or only sparingly for business, you cannot claim a tax deduction for your cell phone bill on your income taxes.On the O... Read More »

How do I claim Internet service as a business expense on taxes?

Calculate 2009 DeductionDetermine what percentage of the Internet you use for business purposes. For example, if your business is home-based, you may use Internet service 60 percent of the time for... Read More »