Companies record both income tax expense and income tax payable in journal entries. For companies that use the cash basis for both financial and tax reporting, income tax expense equals income tax ...

The accounting rules that you follow when reporting financial results are often different from the rules you follow when preparing income taxes for your business. As a result, the amount of tax you ...

A tax write-off is how businesses account for expenses, losses and liabilities on their taxes. Write-offs are a specialized form of tax deduction. When a business spends money on equipment or ...

A federal law created in 2017, called the Tax Cuts and Jobs Act, lowered federal income taxes in various ways. But most were ...