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Can I Deduct My Pet's Medical Expenses on My Taxes?
Can I File a Previous Year's Taxes Online?
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Corporate Tax Preparation Programs
Deferred Income Tax Definition
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Following a few simple tax planning tips can reduce your income tax as well as save you big money when it … More
Every year Americans start counting down to April 15, when their income tax returns are due. Some people f… More
Learn all the important reasons why you should file your own income taxes in this free educational video o… More
Minors file taxes like everyone else, but whether or not they have to file taxes is a question that is ans… More
File extra income taxes after you have already filed your taxes by getting an amended return form, filling… More
Every year, the federal government collects a hefty slice of the nation's wealth in the form of income tax… More
Deferred tax liability is a tax that is due in future years based on receipts that an individual may have … More
A flat income tax is a tax in which all income is taxed at the same single rate. It is sometimes called a… More
Employers deduct federal, state, Social Security and Medicare taxes from your gross income before issuing … More
Income tax must be paid on gifts, such as a car won in a raffle, but the tax can be paid either by the don… More
Many state governments rely on a state income tax to help pay for everything from roads and schools to par… More
As the number of homes with PCs and Internet access has increased, so has the availability of online conve… More
If you are currently earning foreign income or have earned foreign income during a given tax year, the IRS… More
The income tax on an inheritance is generally paid for by the person giving away the inheritance, and the … More
Summary: Deferred tax liability is a tax that is due in future years based on receipts that an individual may have or on sales that a person may have recognized, but the payment is yet to have been received. Find out more about the difference between the reported amount and the amount due with help from a tax bookkeeper in this free video on deferred income taxes.
Ken Lewellyn is co-founder of Tennessee Business Services, Inc., a Tennessee bookkeeping, tax and consultant firm which provides bookkeeping, tax and business advisory services to...read more
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"Today we're here to define the term deferred tax liability. What deferred tax liability is, is a tax that's due in future years based on receipts that you may have, or sales that you may have recognized this year but you actually didn't receive the income until next year so you technically don't need to pay the tax on it until you receive the income. This is also referred to as a temporary difference between the reported amount and the amount due. If for instance you do a section 1031 exchange, your tax liability may be deferred and the basis on the original property, the gain on the original property would be deferred until you actually sell the second property that you have exchanged for and at that point the taxes would be due so that is a case of a deferred tax liability."
eHow Article: Deferred Income Tax Definition
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