Deferred Tax Asset,
Deferred Tax Asset:
The amount of claims or premiums that were not income when calculating income tax is not deducted from the insurer's income. Delays in tax deductions are due to losses and premium exemptions that have not yet been earned. The insurance company recognizes the asset on the amount of the expected tax deduction in the future.
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Items on a company's balance sheet that can be used to reduce future taxable income are called deferred tax assets. This situation can arise when a company imposes an overpayment or prepaid tax on its balance sheet. Ultimately, this tax is returned to the company in the form of tax incentives. Therefore, improper payment is considered an asset of the company. Deferred tax assets are the opposite of deferred tax liabilities, which can increase the amount of income tax owed by the company.
- A tax deferral claim is a balance sheet item that results in overpayment or prepayment of a tax.
- This conflicts with the late tax liability, which is the payment of income tax.
- Deferred tax claims may arise if there is a discrepancy between tax and accounting regulations or accumulation of losses.
- Starting in 2018, most companies can transfer deferred tax assets indefinitely.
Literal Meanings of Deferred Tax Asset
Deferred:
Meanings of Deferred:
Movement (action or event) Movement.
Offer or give credit.
Synonyms of Deferred
bow, respect, honour, put back, pigeonhole, give in, carry over, prorogue, acquiesce, continue, put on the back burner, submit, postpone, stay, lay on the table, shelve, put in cold storage, take a rain check on, hold in abeyance, remit, give way, surrender, comply with, mothball, knuckle under, adjourn, agree with, delay, accede, yield
Tax:
Meanings of Tax:
Mandatory contribution to government revenue, which is taxed by the government on workers' income and company profits, or is added to the cost of certain goods, services and transactions.
Strict restrictions or demands.
Tax (on something or something).
Make big demands on (someone's power or resources).
Facing (someone) guilt or evil.
Testing and review (case costs)
Sentences of Tax
Higher taxes will reduce consumer spending.
Overload the reader's attention.
Income is taxed at the highest rate.
He knows that further trials must take their toll.
Why are you blaming me for these baseless allegations?
Government employees who keep track of expenses.
Synonyms of Tax
overwork, assessment, push too far, drain, assess, customs, contribution, indict, confront, responsibility, put a strain on, weight, overwhelm, care, liability, imposition, weaken, weigh down, condemn, impost, sap, censure, weigh heavily on, charge duty on, denounce, make demands on, fee
Asset:
Meanings of Asset:
Something useful or valuable or person.
Sentences of Asset
Instant anxiety is your main strength.
Synonyms of Asset
gift, bonus, aid, benefit, resource, beauty, talent, strong suit, attractive feature, virtue, good point, plus, redeeming feature, forte, strong point, advantage, merit, help, long suit, boon