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What else can I help you with?
Do you have to file an income tax return if you are deceased?
The estate of the deceased has to file tax returns.
Do i pay MA tax on cash inheritances?
In Massachusetts, cash inheritances are not subject to income tax; however, they may be subject to estate taxes if the total value of the deceased's estate exceeds the state's estate tax exemption limit. This means that while you won't pay state income tax on the cash you inherit, the estate itself may owe taxes before distributions are made. Always consult with a tax professional or estate planner for specific guidance based on your situation.
What are the accounting journal entries to record income tax payments?
debit income tax paidcredit cash
What journal entries can you make to provide for income tax?
Debit income tax expensesCredit cash / bank
Where does income tax liability go on the cash flow statement?
income tax liability is not part of cash flow statement rather it is part of balance sheet.
Is the surviving spouse responsible for deceased spouse's federal income tax?
I take it that the two of you filed separate returns and kept your funds separate. You are probably not responsible for your deceased spouse's federal income tax. However, your deceased spouse's estate is responsible for his or her federal income tax. That is if there is enough money in the estate to pay the taxes. Otherwise, you may need a good tax lawyer.
I received 191000 in a cash out refinance do I have to pay income tax on the money?
The proceeds of a loan are not income, so no tax.
Can expenses made for the upkeep of my deceased parents be claimed on my income taxes?
No deduction on your federal 1040 income tax return for any of the expenses for the upkeep of your deceased parents.
Entry for Provision for Income Taxes?
You will need two accounts: Income tax expenses (an expense account, obviously) Provision for income tax (a liability account) You will simply: debit provision for income tax credit income tax expenses When actually paying income tax, you will: debit cash credit provision for income tax
How should I create a journal entry to record an income tax refund?
To create a journal entry for recording an income tax refund, debit the cash account for the amount of the refund received and credit the income tax refund account. This will accurately reflect the increase in cash and the corresponding decrease in the income tax refund liability.
Do you have to pay income tax on a cash gift?
If it is over $13,000
Can you deposit your niece's income tax return into your account with permission?
Can I deposit my niece's income tax return check with her permission <><><><><> Your niece needs to countersign the income tax refund check.
