19.reciprocation, repayment, or requital:profits in return for outlay. 20.response or reply. 21.the gain realized on an exchange of goods. 22.Often,returns.a yield or profit, as from labor or investment. 23.Also calledtax return. a statement on an official form showing income, deductions,...
② Tax return income first, F/S income later Tax income first = Prepaid tax benefit (asset) 1. Prepaid rent (received) * 2. Prepaid interest (received) * 3. Prepaid royalties (received) * *— The IRC uses the term "prepaid," GAAP uses the term "unearned" ③ F/S expense first, t...
Tax income first = Prepaid tax benefit (asset) 1. Prepaid rent (received) * 2. Prepaid interest (received) * 3. Prepaid royalties (received) * *— The IRC uses the term "prepaid," GAAP uses the term "unearned" ③ F/S expense first, tax return expense later Tax deduct later = Futur...
2. Not Determined The tax department has not proceeded your return as the refundable amount has not been ascertained Check your Refund Status again after a week or two. 3. Refund Paid It means your refund has already been transferred. If you haven’t received the amount yet contact the...
money received by a person as wagesetc.He cannot support his family on his income.sueldo,salario income tax a tax paid on income over a certain amount.impuesto sobre la renta ˈincome-tax returnnoun an official form that has to be completed with information about one's income and expenses...
② Tax return income first, F/S income later Tax income first = Prepaid tax benefit (asset) (1) Prepaid rent * (2)Prepaid interest* (3)Prepaid royalties* *— The IRC uses the term "prepaid," GAAP uses the term "unearned" ③ F/S expense first, tax return expense later ...
Forget that paper tax return! Electronic filing (e-filing), online tax preparation and online payment of taxes are getting more popular every year. If you've wondered about e-filing, here are the answers to frequently asked questions, including why e-fil
The next section of a tax return deals with claiming tax credits. These tax benefits can lower your tax bill more than tax deductions because they directly reduce your bill by the credit amount. Some tax credits are even refundable, meaning if the credit amount exceeds what you owe, you can...
if you forget to claim it then you can revise your return within a specified period of time and claim the refund in the revised return. When you file the ITR if tax paid is more than tax due you would see the income tax refund amount due to you as shown in the image below. The ...
If the form does include some personal transactions, include all the information from your 1099-K on your return, but exclude those personal transactions and include a note alerting the IRS that the amount you subtracted is not business income, O’Saben advised. 5. Fill ...