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Can you use flexible spending account and claim medical expenses?
Yes but you can NOT deduct the medical expenses that are paid for from your FSA account.
What is journal entry of outstanding expenses paid?
[Debit] Outstanding expenses [Credit] Cash / bank
Difference between debit and credit card?
credit card means post paid card debit card means pre-paid card
How do you create a Journal Accounting entry for Operating expenses paid in cash 4600 and on account 2000?
Operating Expenses (Debit) 6,600 Cash (Credit) 4,600 Accounts Payable (Credit) 2,000
Is accrued expenses is debit or credit in trial balance?
Accrued expenses are also expenses which are accrued but not paid yet so these are also shown in debit side of trial balance.
If you authorize someone else to use your credit card and that person does not have good credit does that affect your credit score?
No they don't care, so long as the expenses on your credit card are paid.
Can you use flexible spending account and claim medical expenses?
Yes but you can NOT deduct the medical expenses that are paid for from your FSA account.
What is journal entry of outstanding expenses paid?
[Debit] Outstanding expenses [Credit] Cash / bank
Can you claim last years medical expenses on this years account if they have not been paid?
It's not a medical expense until it is paid. The year you pay it is the year you can deduct it.
Can a motorcycle purchased on credit card be repossessed?
A motorcycle that was paid for on a credit card can not be repossessed considering the credit card company paid the dealer. You must pay the card company back though or they can take you to court.
Is a credit card customer paid interest for a credit balance?
No.
How do you get money on PS3?
Credit Card, Gift Card, or Pre-paid Card.
How can you find a credit card for bad credit?
There are many pre-paid cards and secured credit card options for those that have poor credit.
How do you deduct property tax payments from your federal income taxes in a year when you both sold and bought property in Illinois?
For the property you sold, you may have property taxes you already paid that year before the sale. Additionally, you will give the buyer a credit for property taxes accrued up to the date of the sale. Deduct both of these amounts. For the property you purchased, you may pay property taxes after the purchase. The seller gave you a credit for the taxes due up to the date of purchase. Deduct the credit from what you paid. If any remains, you may deduct it on Schedule A. If the credit is for more than you paid, you should carry the remaining credit forward to the next year and deduct it from what you paid. Many accountants will simply deduct the entire credit from all of the payments in the same year. While this is technically incorrect, it is easier, and eliminates the likelihood you will forget to carry the remaining credit forward. I've never had the IRS object to this treatment. Example: Paid property tax in June $2,000 Sold property in July, gave buyer credit 4,000 Bought property in July, got seller credit -5,000 Paid property tax in September 2,500 Total paid during year is $2,000 + 4,000 + 2,500 - 2,500 (credit) = $6,000 and carry a $2,500 credit from buyer to next year, or Total paid during year is $2,000 + 4,000 + 2,500 - 5,000 (credit) = $3,500 and no credit carried forward.
Can ownership rights be revoked if joint person does not help with the expenses?
No. You should keep the expenses paid and sue the other owner if necessary. Perhaps you should make an agreement to buy them out and deduct the amount they owe for expenses from the purchase price.
Is credit card a credit?
most certainly it is. the extended reason is that you are paying with future funds that are to be paid to your card issues
How is adjusted gross income figured for IRS form used for medical expenses?
You adjusted gross income is figured the same way no matter what. When filing Schedule A of your return you will deduct either 7.5% or 10% of your adjusted gross income from your medical expenses depending on your age. You also have to deduct anything paid by your insurance. This only leaves the amount you paid out of pocket for deductibles, copays, and your percentage you actually paid after your deductible.
