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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
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.
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