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LSDefine

Simple English definitions for legal terms

tax accounting

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A quick definition of tax accounting:

Tax accounting refers to the set of rules and methods used to calculate how much money a person or business owes in taxes. It's like a special kind of accounting that focuses only on taxes. Just like how you have to follow certain rules when playing a game, taxpayers have to follow certain rules when it comes to taxes. Tax accounting helps make sure everyone is following the same rules and paying their fair share.

A more thorough explanation:

Tax Accounting

Tax accounting refers to the set of accounting rules and methods used to calculate a taxpayer's liability to pay taxes.

  • Keeping track of income and expenses for a small business to determine the amount of taxes owed to the government.
  • Calculating the tax liability of an individual based on their income, deductions, and credits.

For example, if a small business owner wants to determine how much they owe in taxes, they need to keep track of all their income and expenses throughout the year. They can then use tax accounting methods to calculate their tax liability based on their taxable income and applicable tax rates. Similarly, an individual can use tax accounting to calculate their tax liability based on their income, deductions, and credits.

taxable year | tax-anticipation bill

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
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the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
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im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
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22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
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JumpySubsequentDolphin
22:39
@splitty Oregon!
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JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
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