liabilities, taxes, & reports

[Mike or Penny Novack]

> Is there any way to make a liability show up on the Tax Report?
>
> I haven't been able to find any post regarding this so it makes me think
> there might be a better way to setup my accounts.  I currently have a
> setup like this:  I have a loan, that has tax implications (lets say I
> took out a loan to buy a vehicle for my business).  I have 2 accounts,
> an interest on the loan expense, and the loan itself liability.  A split
> transaction payment from a checking account goes to interest (expense
> which shows up on the tax report) and the loan (liability which I can't
> make show up on the tax report).  Any way to do this?
>
>
> Marco

Wrong question. It isn't supposed to.

You are going to have to bone up on things like:

1) Carrying fixed assets
2) If financed by taking out a liability, accounting for that and 
changes as the liability is paid off..
3) Computing depreciation, accounting for it as a change in NET value of 
this asset and as an expense (and THAT is what goes on your taxes)

Michael D Novack (again reminding folks that I am NOT qualified to be 
answering accounting questions nor tax advice either, not even for my 
own jurisdiction)