Makes sense--thanks. I'll definitely utilize the tax-year tag for this. My
main concern with putting it in an expense account is for budgeting. I've
set specific budgets for specific expense accounts, but I also want to set
a hard limit on expenses (not including taxes). Do you know how I would do
that in a budget? Example:
~ Monthly
exp 1,200.00 USD # how do I exclude
taxes from this?
exp:auto:fuel 50.00 USD
exp:food 400.00 USD
exp:bills:rent 300.00 USD
exp:bills:phone 30.00 USD
exp:extra 200.00 USD
exp:needs 100.00 USD
ass:cash:savings 1,000.00 USD
ass:vanguard 1,500.00 USD
ass
On Wednesday, May 16, 2018 at 10:03:14 AM UTC-7, Martin Michlmayr wrote:
>
> * Shane <[email protected] <javascript:>> [2018-05-16 09:39]:
> > but I'm unsure how I would zero this account out after my tax return
> > without having an expense account.
>
> Well, at some point you'll need an Expense account for it anyway
> because it *is* an expense.
>
> If you don't want taxes to pollute your expense report because they
> are not "real" expenses, maybe you should only put your *net* salary
> figure into ledger. Most people here want to see gross income, taxes
> and net, but maybe you only care about the net income (which makes
> perfect sense depending on what you care about).
>
> In this case, if you have more tax to pay later that would be an
> expenses:tax for you. And if you get a refund, it would be income:
>
> Alternatively, you could also add a "and not expenses:tax" to your
> expense reports.
>
> > 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.
>
> Tax is an expense. If you decide to account for tax, you'll need an
> expense account. Although I suspect you could just close it out once
> at the end of the year (or when you do your tax return).
>
> > Also, separating them by year helps with reporting, but in a few
> > years there will be many tax accounts.
>
> I use meta data to keep track of the year. So I can --pivot by the
> meta-data tag "Tax-Year". I have an automated transacation to add
> Tax-Year if there's no such meta-data already. So when I pay tax in
> January for the same year, I don't add a "Tax-Year". But if I get a
> refund in March for the previous year I'd add: "Tax-Year: 2017".
>
> This is my automated transaction:
>
> = /^Expenses:Tax/ and not %Tax-Year and expr commodity == 'EUR' or
> commodity == 'USD'
> ; Tax-Year:: (format_date(effective_date or date, "%Y"))
>
> and for the UK tax year (which doesn't align with the calendar year):
>
> = /^Expenses:Tax/ and not %Tax-Year and expr commodity == 'GBP' and date
> >= [2012-04-06] && date < [2013-04-06]
> ; Tax-Year: 2012-13
>
> = /^Expenses:Tax/ and not %Tax-Year and expr commodity == 'GBP' and date
> >= [2013-04-06] && date < [2014-04-06]
> ; Tax-Year: 2013-14
>
> --
> Martin Michlmayr
> https://www.cyrius.com/
>
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