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.
Because equity is on the right side of the equation, record an increase in a revenue account on the right side of the âTâ account. So to increase revenue we credit it. On the other hand, because expenses are decreases in equity, they are recorded on the left side of the âTâ. So to increase an expense 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.