Tax Accounting

Income Tax Taxes Financial Terms Dictionary

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Tax accounting is the sub-branch of accounting that deals with the preparation of tax returns and the payment of taxes.

Tax accounting is used by individuals, businesses, corporations and other entities.
Tax accounting for an individual focuses on income, related deductions, donations, and any gain or loss on investment.
For businesses, tax accounting is more complex, with more scrutiny of how funds are spent and what is or is not taxable.