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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.
Is income tax an estimated liability?
is income tax estimated liability
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.
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
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.
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.
What does exempt status mean on the W4 form?
Exempt status may be claimed on a 2010 W-4 if two conditions exist:1. You did not have a tax liability in the prior year and therefore received a refund of everything that was withheld, and2. You expect to have not tax liability this year.Caution: Having no tax liability is not the same as owing no tax. If your tax withholding was $1,000 last year and your tax liability was $400 then you owed no additional tax. You received a $600 refund. But your tax liability was $400.
Is income tax a current liability or an expense?
Accrued income tax (Income Tax Payable) is a current liability. When the tax is actually paid it is reported on the income statement as Income Tax Expense.
What is a taxslayer?
Taxslayer is an online tax preparation software that promises to help you get the highest return possible by helping you find ways to reduce your tax liability. It comes highly recommended.
