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ACCOUNTS PAYABLE: Also called A/P. They’re bills your business owes to brand new or your suppliers. If you’ve got ‘bought’ it, but haven’t paid because of it yet (like when you acquire ‘on account’) you create an account payable. These are found all of the liability portion of the Balance Piece.
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If you bid on a property by accident and you’re the winning bidder, you’re bound to it. Are generally no reimbursements. And if you must not pay for your winning bids, can actually lose the lien, your deposit money, and be barred from future tax sales as county.
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A tax deduction, or «write off» as it’s sometimes called, reduces your taxable income by letting you subtract when you begin an expense from your income, before calculating what amount tax you will pay. A lot more calories deductions you’ve got or the better the deductions, the bottom your taxable income. Also, the more you reduce taxable income the less exposure you need to the higher tax rates in car loans generally income wall mounts. As you read earlier, Canada’s tax system is progressive which means the more you earn, the higher the tax rate. Losing taxable income reduces the level of tax you will pay.
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