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

[Dad]

On Thursday 01 February 2001 02:18 am, Patrick Lawrence wrote:
> Hello,
>
> In the sample chart of accounts, taxes are listed as both a liability a=
nd
> 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.
>
> Thanks,
>
> Pat

Actually, what about something like property taxes, This could be a liabi=
lity=20
if you track it for the year.  The reason I say this is because the taxes=
 are=20
levied against you, but you may only make a payment twice a year instead =
of=20
all at once (this is an example).  I can also see where it could also be=20
counted as income (what about when you get your income tax refund, that's=
=20
actually income right) and Sales tax and or income taxes withheld from yo=
ur=20
pay would be an expense.  I would guess that it would depend on just how=20
accurate you want to be with your bookkeeping:-)

--=20
cya l8r
Leon McClatchey
mailto:leonmcclatchey@homemail.com
Linux User 78912 (Suse70 Box)

Military intelligence is a contradiction in terms.
=09=09-- Groucho Marx