This category of Tax accounting is an impressive display of accounting methods motivated on taxation which is more than the appearance of financial statements of the public. The accounting related to Tax is controlled by the Internal code of Revenue, that dictates the certain rules that companies and individuals should abide by when estimating their tax returns. This is also considered as a means of accounting for the purpose tax return. This Tax Accounting It applicable to everybody and may comprise :
- corporations, and
- other entities.
Even the exempted persons relieved from paying taxes should take part in tax accounting and return. The motive of tax accounting should have the ability to track funds in and out associated with individual persons, group, or business house.
Tax calculation and Effective Tax Rate
There are multiple methods of tax calculation. Among them, the most simple way to estimate the effective tax rate is to divide the taxable income by gross income before taxes. As an example, if a company earn $100,000 and pay tax $20,000 , the effective rate of tax should be equal to 20,000 ÷ 100,000 or 0.20 x100=20 % Average tax rate of a taxpayers is considered as the share of taxable income that he or she needs to pay an income tax and is generally deducted at the source of income. The marginal rate of tax is the tax rate applicable to his or her last taxable income. Average tax rate of Taxpayer may be lower from the tax deducted in a particular year.
The difference in Tax Accounting and GAAP
The U.S.A. has two sets of methods that are used in tax accounting, which are different and confusing. Tax accounting principles has its first position and the second .place is occupied by financial accounting, or GAAP, generally accepted accounting principles.
At GAAP, companies must observe a common group of accounting theory, standards, and process when they correlate their financial accounting for any financial activities. The balance sheet can be formulated differently when preparing financial statements and amount of tax payable. For instance, companies can prepare their financial statements following the first-in-first-out system or FIFO system for recording their inventory for financial requirement, yet they can execute alternatively, the LIFO method ie. last-in-first-out procedure for taxation purpose.
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