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Taxes

Wear and tear

As we delve into the world of finance, it is important to understand the concept of depreciation. This refers to the decrease in value of an asset due to its regular usage. In order to accurately calculate business profits, most income tax systems allow for deductions in relation to buildings, plant, and machinery that undergo wear and tear during business operations.

Field audit

This is known as a field audit. A crucial aspect of tax compliance is the field audit, where tax authorities assess a taxpayer's tax return at their place of business. This...

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Hidden tax

Indirect tax refers to a type of tax that is paid by the consumer without their explicit knowledge. This tax is often included in the price of goods or services, making it s...

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Investment reserve

In the world of finance, there exists a system that allows qualifying taxpayers to earmark a portion of their earnings as a reserve for future investments. This reserve can ...

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Net operating loss

Operating losses are the amount that a business's expenses exceed its income during a tax year. These losses are typically associated with a trader's activities and are dete...

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