T/S% Round or Actual?

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  • Lyss
    Chaos Coordinator :)
    • Apr 2012
    • 1429

    T/S% Round or Actual?

    I know the IRS generally rounds all numbers to the nearest whole number. Is this the case for the T/S%?

    Mine comes out to .3175, so should I round to 32% or go with the actual 31.75%?
  • CrackerJacks
    New Daycare.com Member
    • Nov 2012
    • 260

    #2
    I would do the actual, my tax preparer always does the actual.

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    • TomCopeland
      Business Author/Trainer
      • Jun 2010
      • 3062

      #3
      Time-Space%

      Originally posted by Lyss
      I know the IRS generally rounds all numbers to the nearest whole number. Is this the case for the T/S%?

      Mine comes out to .3175, so should I round to 32% or go with the actual 31.75%?
      You can either round it to the nearest % or list several decimal points.

      Join me for a webinar “2012 Tax Changes: How to Avoid Mistakes on Your Tax Return” Tuesday, February 12th at 8:30-10:00pm Eastern Time. The cost is $25 (100% tax deductible!). To register: http://events.r20.constantcontact.co...&llr=yatrx4cab
      http://www.tomcopelandblog.com

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      • Lyss
        Chaos Coordinator :)
        • Apr 2012
        • 1429

        #4
        Thanks!

        I had it rounded to 32 for all my calculations but my tax software (taxact) is using the actual so I guess I have to go back through and recalculate with the actual!

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