Taxes -- liability or expense (or both...)

[Paul Lussier]

In a message dated: Thu, 01 Feb 2001 00:34:18 PST
Patrick Lawrence said:

>In the sample chart of accounts, taxes are listed as both a liability and
>an expense.  Which is it, and can they be both (or some be a liability and
>some be an expense) for an individual.  I suspect that the taxes as an
>expense are for a business but I just wanted confirmation.

You might want to check the archives, we just had this discussion a few weeks 
ago.  To sum it up though, most seemed to feel that the choice it completely 
up to the individual.

My personal choice is that they are an expense, not a liability.  I see 
liabilities more as something that you pay off over time, where as an expense 
is usually recurring indefinitely.

But of course, IANAA :)
-- 

Seeya,
Paul
----
	It may look like I'm just sitting here doing nothing,
   but I'm really actively waiting for all my problems to go away.

	 If you're not having fun, you're not doing it right!