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Question
If I am reporting $5792 in income (loss) for 2022 book purposes, and have zero liabilities, why would my liability equal my income?
AI accountant’s answer:
It sounds like you're referring to a specific financial statement or tax situation. However, I'll try to provide some general guidance. Typically, in a financial statement, liabilities represent the amounts you owe to others. Your income (or loss) and liabilities are separate components of your financial position. If you have a loss of $5,792 for book purposes, it generally indicates that your expenses exceeded your revenue for the year but doesn't automatically equal your liabilities. However, in certain situations, income (or loss) may affect your liabilities. For example, if you have a loan that's tied to your income or your income is required to meet specific debt covenants, your income (or loss) could influence your liabilities. But it's not a direct correlation where income equals liabilities. To provide a more accurate answer, I would need more information about your specific circumstances. It's also important to remember that tax situations can be complex and might require the assistance of a tax professional who can better understand your personal situation.
Comment from reviewer
Ieva Ivanauskas, EA
Not Correct.
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Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

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File taxes.

Keeper helps independent contractors and freelancers discover tax deductions and file taxes.

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Ask an AI Accountant

A free tool by

Question
This is some text inside of a div block.
AI accountant’s answer:

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Comment from reviewer
This is some text inside of a div block.

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Not Correct.
Icon check
Looks good

Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

Find write-offs.
File taxes.

Keeper helps independent contractors and freelancers discover tax deductions and file taxes.

Get started