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Recoverable vs non recoverable tax

NCMJessNCMJess Member Posts: 1

I am new to all accounting. I am trying to make the invoices but not sure how I know if our tax is recoverable or non-recoverable. We provide a service and supply the products that we install. Not sure where to start so we are not losing money in the end.

in Accounting Technical Support

Comments

  • SocorroIS_071218SocorroIS_071218 Member Posts: 7

    A tax is recoverable if you can deduct the tax you've paid from the tax you've collected. Many sales taxes are considered recoverable in some countries. While in some countries, you must remit the full tax collected from your clients.

    For more help on wave, get in touch - info@socorroservices.com

  • acc9901acc9901 Member Posts: 4

    I am very confused by the recoverable and nonrecoverable taxes! The scenarios on your help page are the SAME, the only difference being if it is categorized as T1 or T2 taxes, but how am I supposed to know THAT? I cannot find this information ANYWHERE for my state. Even the wording "recoverable tax" doesn't show up in any searches I do for Pennsylvania. THEN you state on the info guide that we can't change it in Wave after it is set? So I have NO idea what to do now.... I have liked Wave so far (just setting it up), but you have dropped the ball here....

  • ConnorMConnorM Member Posts: 1,229 ✭✭✭

    Hey @acc9901! Wave's Support Specialists are able to provide technical support, but because we aren't accountants, we aren't able to provide accounting advice. While we are able to tell you how to do something in Wave, we aren't able to necessarily tell you the right way of doing it when it comes to the principles of accounting.

    I would highly recommend reaching out to a registered CPA to ensure that you don't get incorrect advice on how to do your accounting.

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