To report your child's income on your return, simply follow these instructions and we'll apply the Kiddie Tax calculations. Related Information: What is the Kiddie Tax?
T Accounts The simplest account structure is shaped like the letter T. The account title and account number appear above the T. Debits (abbreviated Dr.) always go on the left side of the T, and credits (abbreviated Cr.) always go on the right.
1 One account from your small business chart of accounts will be debited which simply means the amount will be recorded on the left side and one account will be credited â¦amount recorded on right side. 2  Debits and credits must balance equal. 3  See more about debits and credits in our basic accounting concepts section.