0
What would offset your tax liability in a direct dollar for dollar manner and could actually increase your tax refund beyond the amount paid during the tax year?
Wiki User
∙ 8y agoWant this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Are bank checks assets or liabilities to banks?
Neither.The liability for a bank is the actual checking or savings account (demand account), as this is money that is owed to the depositor. A bank check is simply a way to demand payment from the bank's liability account (or the depositor's asset account). The check by itself is not an additional liability to the bank above and beyond the actual account balance.
Should a deferred expense or deferred rent in this example be classified as 'Long Term Liability'?
Deferred Expenses are on the asset side of the balance sheet, not the liability side. Long Term relates to anything beyond the next twelve months, but a long term deferred expense would probably be listed as "Other Assets". The deferred expenses are correctly represent the Assets of the company. But, if a company has not paid its rent & its due in next 12 month or may be due on virtual payment basis in 2-3 years, then such expense (deferred rent) is required to be shown on Liability side of the B/S. Furthermore, such payments to be made in next 12 months are to be presented as Current Liability & payments to be expelled in more than 12 months are to be shown as Non-Current Liability Section.
What is the specific amount of canteen subsidy taxable under it act?
The exemption limit is Rs 50 /- per meal per employee beyond that it is taxable (Karan)
Why CEO are paid more salaries?
CEO salaries tend to be high because of their level of responsibility within the company. Some would argue that CEO salaries tend to be inflated beyond what the role of CEO is actually worth, but this really just depends on the individual company and it's CEO.
What amount can I give to my children per year that is tax free?
== == There is no "income tax" on gifts in the USA, so you can give any amount you want. However, when you die, the estate taxes owed will be increased by the amount by which you exceeded your life-time gift tax exemption (gave away too much, currently well over a million dollars), not including the annual exclusion, per person, which is presently around $11,000. You can give up to $11,000 per child (or to anyone else) per year. If you are married, your spouse can do the same thus increasing the annual gift to $22,000 to that same person. Beyond that amount, your estate will be responsible for the taxes, if you're lucky enough to die with a taxable estate and gave non-exempt gifts over a million dollars. The amount changes from time to time, so check with your accountant or estate planner.
The limited liability provided to limited partners means that they are not responsible for the debts of the business beyond?
the amount they have invested in the company.
What is the term that describes the fact that owners of corporate shares or stocks do not risk anything beyond their original investment?
The term that describes this fact is limited liability. It means that the owners of corporate shares or stocks are not personally liable for the company's debts or obligations beyond the amount they originally invested.
What is an overdaft?
Overdraft means that you withdraw more money from your bank account than it actually have. For instance, you have 30,000 in your account and you make a withdrawal of 35,000. If the amount overdrawn is within the limits defined by the bank, then you will have to pay interest at a prior agreed rate. However, the interest rate will increase if the overdrawn is beyond the agreed amount.
Does a commercial general liability policy also provide excess vehicular liability coverage beyond the coverage in the driver's separate mva policy?
No. A commercial liability policy specifically excludes liability arising out of the ownership, maintenance or use of a motor vehicle.
What describes that owners of corporate shares or stocks do not risk anything beyond their original investment?
limited liability
What effect will organopesticides have on muscle tissue?
Organopesticides will increase the severity of muscle contraction beyond normal conditions. Acetylcholine esterase inhibition will allow a more than normal amount of acetylcholine to bind to receptors.
What is slp charge on rental car?
I believe it stands for "Supplemental Liability Protection". This is liability insurance that covers beyond the minimum that the "damage waiver" insurance covers. Basically it's additional insurance you purchased at the time of the rental.
What is the saturation point of light in a chloroplast?
The saturation point of light in a chloroplast refers to the maximum amount of light that can be absorbed and utilized by the photosynthetic pigments in the chloroplast without causing any further increase in photosynthetic activity. Beyond this point, increasing the light intensity does not result in an increase in photosynthetic rate. It is the point at which the photosynthetic system becomes fully saturated with light energy.
What kinds of circumstances are covered by excess liability insurance?
Excess liability insurance gives you extra asset protection beyond your basic policy. It can help in the event of being sued by someone due to injury or negligence in your home or anywhere else.
What is the journal entry for overdraft?
For an overdraft, the journal entry would be to debit the bank account (increasing the overdraft liability) and credit the corresponding expense account or accounts that led to the overdraft. This reflects the additional amount drawn from the bank account beyond the available balance.
Can you eat your scabs?
yes you can but it is really beyond gross to do that but people actually do that
China lay far beyond the eastern mountains - what is the prepositional phrase?
I don't actually now but will try
