Personal Accounting

If you have a checking account, of course you balance periodically to take account of differences between what's in your statement and what you wrote down for checks and deposits . Many people do it once a month when their statement is mailed , but with the advent of online banking, you can do every day, if you 're the sort whose banking tends to get away them.
Balance your checkbook to note any changes in your checking account that are not recorded in your checkbook. Some of these can include ATM fees , overdraft fees , transaction fees or low balance fees special , if you maintain a minimum balance in your account. Also balance your checkbook to record any credits that you have not mentioned above. They might include automatic or refunds or other electronic deposits deposits. Your account may be an interest bearing account and you want to record any interest he has won wearing .
You should also know if you have made ​​a mistake in your outfit or if the bank has made ​​mistakes.
Another form of accounting that we all dread is the filing of annual federal taxes. Many people use a CPA to do their returns , while others do it themselves. Most forms are:
Income - all the money you earned working or owning assets, unless there are specific exemptions from income tax .
Personal exemptions - this is a certain amount of income that is exempt from tax .
Standard deduction - personal expenses and business expenses can be deducted from your income to reduce taxable income. These expenses include items such as interest paid on mortgages, charitable contributions and property taxes.
Taxable income - This is the balance of the income is subject to tax after personal exemptions and deductions are factored in.