For 2020 this credit can be worth up to 20% to 35% of up to $3,000 of child care or similar costs for a child under 13, or up to $6,000 for 2 or more dependents. The exact amount depends on the number of children and the amount you spentRead More →
School uniforms and text books. Child care payments. Medical and dental expenses. School fees. Housing expenses such as rent or bond payments and even mortgage repayments. Motor vehicle costs. What does child support deduction mean? Child support that you are legally required to pay to children who do not liveRead More →
Trade payables are obligations to pay for goods or services that have been acquired from suppliers in the ordinary course of business. Trade payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Does trade payables goRead More →
How do I record reimbursable expenses in QuickBooks? How to Invoice the Reimbursement? Within your QuickBooks, click on the invoices tab. … From the window that will appear, click on the New customer drop down button and locate Jobs tab. Here click on the Add cost option. Now choose theRead More →
Examples of the preliminary expenses Company incorporation expenses. Logo expenses. Amount paid for stamp duties. Consultation charges for initiating a company. Is preliminary expenses an asset? Normally preliminary expense are treated as intangible asset and shown on the asset side of the balance sheet under the head Miscellaneous asset. …Read More →
Selling and administrative expenses even include non-cash expenses such as depreciation and amortization. To calculate selling and administrative expenses, one simply needs to add up all the expenses not directly related to the production of the company’s product, including but not limited to those listed here. Where are administrative expensesRead More →
In 2020, the IRS allows all taxpayers to deduct their total qualified unreimbursed medical care expenses that exceed 7.5% of their adjusted gross income if the taxpayer uses IRS Schedule A to itemize their deductions. Are medical bills a write off? You must itemize deductions to write off medical expenses,Read More →
Taxpayers can receive a tax credit for all qualifying adoption expenses up to $14,300 in 2020. The maximum credit is indexed for inflation. Taxpayers may also exclude from income qualified adoption expenses paid or reimbursed by an employer, up to the same limit as the credit. What circumstances can aRead More →