You did not say whether you meant federal or state income taxes.
In any case, you can claim your domestic partner as a dependent if he/she lives with you and you pay more than half of his/her expenses, and he/she is a citizen of either the US, Canada or Mexico, and his/her personal income is below the allowable threshold.
However, the IRS has stated that domestic partners do not meet the criteria of "family" necessary for claiming "head of household" status.
Most people spend around 60% of their income in household expenses. The expenses include things such as mortgage, utilities and food items.
Rent shouldn't be than one quarter of your income.
A plan of income and expenses is an approach to building income and paying down expenses. Many people maintain a plan for their income and expenses without realizing it.
If you are a individual taxpayer and you sell your household items at more than they cost you and you make a profit on them then you would have some income that you would have to report on your 1040 income tax return. If you are in the business of selling household belongings then you are a self employed taxpayer and will have to use the schedule C of the 1040 income tax return to report your gross sale and expenses from your business operation.
Sales - cost of goods sold = gross profit. - operating expenses(i.e marketing expenses and administrative expenses) = operating income. + other income - other expenses = income before tax - tax = net income/profit.
Median household income, 2008$65,304 In 2008 the median household income of Massachusetts was $65,304.
Travel expenses are expenses as all other normal business expenses and as all other business expenses are part of income statement traveling expenses are also part of income statement.
Figure out your income,List your expenses,Categorize your expenses,Determine if expenses are below income, and Reduce expenses in flexible categoris if nessecary.
Plan income and expenses.
Prepaid expenses are not part of income statements, in accrual accounting income and expenses are only shown in income statements when they are actually incurred.
First I'd like to keep track of my income my monthly income secondly I'd like to keep track of expenses via holding onto receipts and putting them in my spreadsheet so that I can follow my expenses versus my income and not go over
All expenses comes in income statements same as sales promotion expenses are also shown in income statement.