[GNC] How to record Personal income tax ?

[Adrien Monteleone]

Your answer demonstrates precisely why you need local professional advice. They can explain it for you based on your specific situation.

Regards,
Adrien

> On Mar 20, 2020 w12d80, at 2:27 AM, Long <Phamhoanglongvn at outlook.com> wrote:
> 
> Hello,
> 
> Thank you so much for helping me, guys.
> I knew that, it's depend on my local. I just want to know cash flow for that
> problems in GnuCash.
> I had read some post after read your comment, and i see that, maybe i will
> not follow what you told me.
> You guys doing the same ways. Create the Liability, and Transfer that amount
> to Expense each month for taxable income. I think it's wrong, For example :
> 
> 1 - If you are parking car, you are not owe to the guard (Who will take your
> parking fee when you leave) = Your Revenue is only your, You not owe
> anything to government.
> 2 - When you leave that place, you need to pay the parking fee = When the
> year end, you need to pay personal income tax.
> 3 - You forgot your money to pay parking fee, NOW, you owe to the guard =
> You don't have enough money to pay tax, NOW, you owe to the government.
> 
> I'm always try to make GnuCash follow to my real life (This is what GnuCash
> does). So my decision is i will not create anything "virtual" in GnuCash.
> 
> i'm not going to spent 10% of my income to pay tax every month. i just don't
> want to spend that 10% of my income every month so that I will have 10% of
> my total income at the end of the year to pay personal income tax.
> 
> You can have read this post from GnuCash to have more details about this :
> - https://wiki.gnucash.org/wiki/Budget_Requirements
> From "But as discussed in previous sections ..... (or else it wont be
> accurate)."
> From "They aren't going to spent $100 every month ........ The extreme
> disadvantage of this is that reconciling becomes very difficult."