What kind of account do you use for taxes? Do you separate them by years?
Currently, I'm using an expense account, but I don't like how it affects
regular expense reporting. I was thinking of using liability accounts for
the amounts taken out of my paychecks, but I'm unsure how I would zero this
account out after my tax return without having an expense account.
Here is a typical paycheck entry:
2018-05-04=2018-05-04 * company
; note: salary
ass:cash:checking 2,073.33 USD
exp:taxes:2018:federal:income 354.69 USD
exp:taxes:2018:federal:ss 167.92 USD
exp:taxes:2018:federal:medicare 39.27 USD
exp:taxes:2018:state:income 73.12 USD
inc:salary -2,708.33 USD
Using a liability account helps for keeping my expense reports simple, but
I don't see how I can zero this account without having an expense account.
Also, separating them by year helps with reporting, but in a few years
there will be many tax accounts.
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