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.
So to increase an asset we debit it. To decrease it we credit it. Increases in liability, equity and revenue accounts are reflected on the right side of the âTâ, while decreases are reflected on the left side.So to increase a liability we credit it, to decrease a liability we debit it.Debitâ simply means the left side of the âTâ account, and âcreditâ refers to the right side of the âTâ account. But remember: âDebitâ does not always refer to an increase in an account balance nor does âcreditâ always refer to a decrease, or vice versa.