Categoria: Bookkeeping

Tax benefits of having a child: A guide for new parents

Claiming dependents on your tax return can be tax benefits for having dependents complex, and errors in this process are not uncommon. These mistakes can lead to denied credits, penalties, or audits, underscoring the importance of understanding and adhering to IRS guidelines. Taxpayers sometimes claim individuals

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Balancing T-accounts

“Sal-1” is the individual code for the account “salaries” and would also be referred to in the journal entries relating to salaries. The folio number or code thus helps with tracing information from the journal entry to the individual T-accounts, or from the ledger (T-accounts) back

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