Kategori: Bookkeeping

What Is a Cost Centre? Definition & Examples

For example the advertising and purchasing departments of a manufacturer are considered costs centers. Every large company has an in-house legal department that handles anything from small suits to large companywide legal issues. They can also save the company thousands or even millions of dollars depending on the size of the lawsuit, but they don’t actually contribute […]

Calculating Sales Tax

However, taxpayers who make large purchases during the year may find it more advantageous to deduct sales tax instead of income tax if the total sales tax payments exceed state income tax. You must itemize your deductions to deduct sales tax from your federal income tax. In most cases, itemizing deductions is not worth the […]