Tax Payment
Is the amount shown in "Regular Assets/Taxes" payment of the taxes for the previous year, which makes sense from a cash flow aspect, or is it the current year tax liability?
Is the amount shown in "Regular Assets/Taxes" payment of the taxes for the previous year, which makes sense from a cash flow aspect, or is it the current year tax liability?
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Comments
dan royer
Sat, 03/04/2017 - 17:59
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That is taxes for the current
That is taxes for the current year, not the previous year. The balance you see there in the Reg Assets report is the end of the year. The amount of Regular Assets you indicate in inputs in the program is beginning of year balance. You can see how that tax amount breaks down in the Details/Taxes report.
gblatt@gvtc.com
Sun, 03/05/2017 - 15:08
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Thanks Dan. So if you are
Thanks Dan. So if you are using the Consumption/Special/Housing/Medicare B/etc. to fund your cash flow needs you need to consider the payment of last years taxes as a consumption or special expenditure or add it external to the ESPlanner system.
dan royer
Mon, 03/06/2017 - 19:08
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Well, last year's taxes are
Well, last year's taxes are assumed to have been paid already. Your federal and state taxes were calculated in last year's plan (and paid). This year's taxes are assume to be paid as well. So there is no need to indicate a special expenditure for last year's taxes in this year's special expenditures.