0
What else can I help you with?
What is Zero Tax Liability?
tax liability
How is deferred tax liability different from current tax liability?
Current Tax Liability is that tax amount which is actaully payable in current year.Deffered Tax liability is that amount of tax liability which is created due to difference in net income in income statement and income according to tax authorities.
How can I pay estimated tax?
You can pay estimated tax by using the IRS Direct Pay system, mailing a check or money order, or paying online through the Electronic Federal Tax Payment System (EFTPS). It's important to estimate your tax liability accurately and make timely payments to avoid penalties.
Where can I get a tax return estimate?
Many companies such as H&R Block and Turbo Tax offer assistance online. The IRS also provides an online tool to estimate taxes.
Is income tax an estimated liability?
is income tax estimated liability
What is the exact difference between advance tax and provision for tax?
Advance tax would be prepaid taxes, or overpaid taxes left with the taxing body. It is an asset account, a deferred credit.Provision for taxes would be an estimate of tax liability for the period covered by the financial statements. It is a liability account.More information: http://www.nysscpa.org/cpajournal/old/12268824.htmAdvance tax would be prepaid taxes, or overpaid taxes left with the taxing body. It is an asset account, a deferred credit.Provision for taxes would be an estimate of tax liability for the period covered by the financial statements. It is a liability account.More information: http://www.nysscpa.org/cpajournal/old/12268824.htm
What is zero tax?
tax liability
A company had a before tax profit if 2000000- what was their tax liability?
To calculate the tax liability, we need to know the applicable tax rate. Assuming a hypothetical tax rate of 30%, the tax liability would be 30% of the before-tax profit of $2,000,000, which amounts to $600,000. If a different tax rate applies, the tax liability would need to be recalculated accordingly.
Why tax is liability?
If tax is still remains payable while close of books of accounts then it is a liability to be paid to tax authorities that's why shown under liability side of balance sheet as current liability.
Which reduces your tax liability more, a deduction or a credit?
A tax credit reduces your tax liability more than a deduction.
Is deffered tax liability your current liability?
yes
Where can someone get help to estimate their tax return?
To get help with estimating your tax return, there are many places you may want to go. You could go to a store such as H&R Block or you could do it online with the help of computer software.
