I've been using expense accounts based on year to show money taken out of
my paycheck for taxes, but I don't like how the reporting works when
dealing with other expenses.
I'm thinking of putting taxes in a liability account, but not sure if that
makes sense:
account lia:taxes:2017:federal:income
account lia:taxes:2017:state:income
account lia:taxes:2018:federal:income
account lia:taxes:2018:federal:medicare
account lia:taxes:2018:federal:ss
account lia:taxes:2018:state:income
2018-05-04=2018-05-04 * company
; note: salary
ass:cash:checking 2,073.33 USD
lia:taxes:2018:federal:income 354.69 USD
lia:taxes:2018:federal:ss 167.92 USD
lia:taxes:2018:federal:medicare 39.27 USD
lia:taxes:2018:state:income 73.12 USD
inc:salary -2,708.33 USD
At the end of the year, how would I zero this liability account?
2018-04-10=2018-04-10 * irs
How do you handle taxes? Do you separate them by year? What account do you
use for them?
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