Provision for income taxes

(redirected from Provisions for Income Taxes)

Provision for income taxes

An amount on the P & I statement that estimates a company's total income tax liability for the year.

Provision for Income Taxes

In a financial statement or personal budget, an estimate for one's total income tax liability for a given year. This is especially important when the government or an employer does not automatically deduct estimated tax payments from paychecks or other revenue. Generally speaking, one must set the provision for income taxes aside and pay it quarterly or annually.
References in periodicals archive ?
Unaudited Results Second Quarter Ended February 28th 1997 1996 Net Sales $39,806,000 $35,080,000 Income Before Income Taxes 10,265,000 9,883,000 Provisions for Income Taxes 3,700,000 4,000,000 Net Income 6,565,000 5,883,000 Earnings Per Share $.
3 million in provisions for income taxes and a net loss in the quarter totaling EUR 21.
Pro forma net income amounts include additional provisions for income taxes that would have been recorded had the Company been a C-corporation for income taxes purposes.
9% increase in net income during this period was the result of an increase of $504,000 in interest and dividend income, partially offset by a decrease of $6,000 in other income, an increase of $368,000 in interest expense, an increase in provision for loan losses of $9,000, an increase of $97,000 in operating expenses and an increase in provisions for income taxes of $9,000.
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