How handle rebates?

Unfortunately most people just enter the net amount into their quicken file. I know thats how I handle my pension check. I deal with the tax implications & withholdings via the w-2. For many Quicken is nothing more than an electronic checkbook register.

"Laura" wrote

In the several years I have monitored this NG, I recall only a handful of posters saying that they enter net. Although I'm sure there are many others who also do this, how do you know that "most people" do this? I'll bet you're mistaken on that statistic.

Okay. I'll rephrase that last statement. Most of my friends that use MS money or Quicken to track their expenses only enter the Net amount into the register.

Is it correct? I think it is a matter of personal preference and how you are using Quicken to track expenses.

On Mon 27 Jun 2005 10:12:31a, wrote in news: snipped-for-privacy@4ax.com:

Me too, but at the same time that is also the reason I don't enter extra detail into Quicken that I know I won't need just to prove to myself I haven't yet "lost it". :)

On Mon 27 Jun 2005 12:48:09p, Laura wrote in news:tZWve.1247$At6.744@trndny09:

Probably makes sense. For most people there is probably no big variable in the taxed portion anyway and it remains fairly constant year to year. Good step toward preventing AR, which should be sort of a goal ;)

Another possibility is to use set up one separate category to contain both the expenses to be reimbursed and the reimbursements, and set up classes to tag the expenses and/or reimbursements for separate reporting.

That way, you could easily do reports on either "total expenses in category" (by including only the appropriate class in the report) or "total expenses and reimbursements" (by including all classes).

Gary

good idea Gary!!

I will think on it!

Question for the group.....

So far we've discussed refunds on college classes from my employer.

Now I'm wondering how I should handle book buybacks from the college?

I have to pay for my own books. But sell them back at end of year.

Is this a decrease to my "school book" category expense account?

Or should I view this as a form of income as with the rebate from work?

Technically speaking it is income but since it will never show up on any w-2 form posting it as a credit to school book expense would also work. Bottom line result to Net income is still the same since they both are credits. This gets back to the Gross vs Net posting discussion from before. I tend to book net amounts so I would book it as a refund to my book expense.

When you go to the super market, or wherever, how do you handle bottle/can deposits? When you buy? When you return? Maybe you are in a no-deposit state and it doesn't matter! Enjoy Jim M.

On Thu 30 Jun 2005 06:34:57p, wrote in news: snipped-for-privacy@4ax.com:

Yes it is.

Thanks Laura.

As a further complication, the IRS considers "professional" books--which I think would include any assigned books you have to purchase for a course that are also useful to you professionally once your schooling is over--to be depreciable assets, and I've read that

7-yr depreciation should be used for them. But if you sell them back, I would consider the difference between what you paid new and what you got back as an educational expense, deductible or not according to whether your other college expenses are (i.e., whether or not your education advances an existing career as opposed to qualifying you for a new one).

That's a new one for me. Can you provide an IRS link for that tidbit of info.

Don't have such a link handy. FWIW I got this advice from a publication I check annually before I retired. I think it was called "Tax Tips for College Teachers" and it was published by Academic Press.

David

Given the source, that may only apply to teachers who purchase books to perform their work as they have claimed those purchases as an expense.

I doubt that it applies to folks going to school who never claimed the purchase of the books as an expense.

This is similar to many state tax refunds. If you got the refund because you itemized then it becomes income.