User talk:Accountingsecret
The Scope Of Personal Accounting
Personal accounting is dealt with checking, savings, income, credit card, cash and common expenses. This keeps a complete track on entire transactions, a simple check book to accurate record of expenses and income. It clearly shows how you have managed your accounts.
You balance your checkbook to notice any charges in your bank account that you have not recorded in your checkbook. Some of these contain Overdraft fees, ATM fees, special transaction fees or low balance fees, if you are required to keep a minimum balance in your account. You also balance your checkbook to trace any credits that you have not noted earlier. Sometimes it contains automatic deposits.
You also want to find out whether you have made any mistakes in your recordkeeping or if the bank has made any miscalculation. One more type of accounting that we all frightened is preparing of yearly federal income tax returns. Many people use a CPA to do income statements; others do it themselves. Most forms include the following items:
Income - any cash you have made from working or be in possession of property, unless there are specific exemptions from income tax.
Personal exemptions - this is a definite amount of income that is exempt from tax.
Standard deduction - some individual expenses or business expenditure can be subtracted from your revenue to decrease the taxable amount of income. These expenses contain items like charitable contributions, property taxes and interest paid on your home mortgage.
Taxable income - This is the balance of income that is focus to taxes after personal exemptions and deductions are factored in.
Hello, my name is Kristina. Welcome to AboutUs.org!
I spotted your contributions and I wonder if you would like to edit any DomainPages? One of our goals is to help you make AboutUs a resource for you and your business, so please contact me if I can help or answer any questions. Here are some links that I have found useful...
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Welcome to the community, Kristina ..talk.. 02:12, 29 December 2007 (PST)