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The amount could possibly be income to you. Since you are NOT a qualified charitable tax exempt organization that has been approved by the IRS to receive any charitable donations that you could give the the taxpayer a receipt for that would allow the taxpayer to take a charitable donation on the taxpayer schedule A itemized deduction of the 1040 federal income tax return.
What else can I help you with?
Who is eligible for the earned income tax credit?
If you had miscellaneous income from working for an individual and received a 1099misc form would this income qualify for the earned income credit??
Is interest income is debit or credit?
Interest income would be a credit entry, as it increases a form of revenue. If the interest income is received in cash, the entry would be: Dr Cash Cr Interest income If the income was not yet received but will be at a later date, the entry would be: Dr Interest receivable Cr Interest income In either case, the Interest income account would be credited.
Do welfare recipients have to pay income taxes on payment received?
Generally not. They would have to have enough income to have to pay taxes...which would disqualify them from receiving welfare!
If you received the 8000 dollar tax credit in 2009 will you need to claim it as income on your taxes?
No the FTHBC 8000 amount that your received in the 2009 tax year is not taxable income that you would have to report on your 1040 income tax return.
Is a rebate taxable income?
None of the federal rebates that you may have received would be taxable.
What are examples of income received in advance?
a good example would be rent income that has been received in advance another example would be membership fees etc... thr income received in advance is seen as a liability because it is money that does not correlate to that specific accounting or business year but rather for one that is still to come. the income account will then be credited to the income received in advance account and the income received in advance will be debited to the income account such as rent. When the time period for which the money was received comes, then a reversal takes place which is the same only differing by now debiting the income account to income received in advance account and vice versa.
When applying for a student loan are you an independent since your grandmother claimed you on taxes?
If you were claimed by your grandmother on her income taxes that would classify you as a dependent.
Who is eligible for the earned income tax credit?
If you had miscellaneous income from working for an individual and received a 1099misc form would this income qualify for the earned income credit??
Is interest income is debit or credit?
Interest income would be a credit entry, as it increases a form of revenue. If the interest income is received in cash, the entry would be: Dr Cash Cr Interest income If the income was not yet received but will be at a later date, the entry would be: Dr Interest receivable Cr Interest income In either case, the Interest income account would be credited.
Do welfare recipients have to pay income taxes on payment received?
Generally not. They would have to have enough income to have to pay taxes...which would disqualify them from receiving welfare!
If you received the 8000 dollar tax credit in 2009 will you need to claim it as income on your taxes?
No the FTHBC 8000 amount that your received in the 2009 tax year is not taxable income that you would have to report on your 1040 income tax return.
Which group would you classify halaan?
WHich group would you classify -3
If an economic society of five people received additional income of one dollar the effect would be an increase of how much?
im gessing it would be 10 dollars in income
Is a rebate taxable income?
None of the federal rebates that you may have received would be taxable.
What is a imputed tax?
Imputed federal income tax would be an income tax that the IRS has calculated on some type of imputed income that was received by you and not reported on your 1040 income tax form as a part of your worldwide gross income.
What is the journal entry for interest income?
If you actually received the cash then the entry would be Cash Interest Revenue if you haven't yet received cash and are recognizing the interest income.. Interest Receivable Interest Revenue
Is donations to charity a selling expense?
Charitable donations would be listed in its own category as "charitable donations". These can be used as deductions for Itemized Taxes.
