The Income Summary account has a new credit balance of $4,665, which is the difference between revenues and expenses (Figure 5.5). The balance in Income Summary is the same figure…
Sales tax provides nearly one-third of state government revenue and is second only to the income tax in terms of importance as a source of revenue. Sales taxes are much…
Even if they are turned into electronic facsimiles, the practice is generally safe. The funds will be automatically taken from your account, depending on how you set things up. You…
This is also called the "short scale." As another example, it's much easier to remember that a trillion is written with four sets of three zeros than it is to…
Retail accounting refers to a set of methods to assess the value of your inventory. There are several different formulas to compute retail accounting figures, but almost all examine the…
When you access Live Help, you’ll enter some information about your question. Once you’ve determined that you want or need to contact the IRS, there are a few steps you…
As long as you clearly explain why you’re asking for their EIN, many business owners will be happy to help. The easiest way to figure out the EIN of another…
Our tax experts are available 7 days a week from 5 AM to 9 PM PT from the January date the IRS starts accepting tax returns through the April filing…
If the estimated wait exceeds 20 minutes, TurboTax will automatically call you back (in the order in which the requests are received) once the queue returns to a manageable amount.…
All conversations with our experts are documented in our system, so if you come back with another question, your tax expert can see what was already discussed.For a dedicated tax…