On Fri, 17 Apr 2020, Christopher Lam wrote:
This question is for the resident accountants and bookkeeping.
Christopher, Check with your accountant for their preferences and local requirements.
But there are numerous tax deductions allowed, that don't necessarily belong in the book. For example: - claiming mileage in dollar per km for business travel - claiming home running costs (e.g. claiming $0.80/hour working from home allowance) - further examples welcome. etc.
What I do for non-cash donations (to Goodwill, for example) is enter the value in an expense account called 'Donations - non-cash'. You could have expense accounts for milage and volunteer time if appropriate. (I have run my consultancy from home for 27 years and have separate books for personal and business transactions.) When I prepare reports for my accountant I include the non-cash donations with the personal balance sheet and income statement and business expenses from personal funds in the business balance sheet and income statement. We've been doing this for almost 2 decades and neither the feds, the state, nor the county have had any complaints. HTH, Rich _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
