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What is tax liability?
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What is tax liability?
tax liability what is Tax liability, is a legal figure showing the amount of tax to be paid to a taxing authority e:g IRS. It is a product of income received, capital gains among other taxable activities during a given period. The people and companies should compute their liability, disclose it to the government in tax returns and pay within deadlines. There can be penalty and imposed interest in the event of underpayment of taxes. As a salaried employee or self-employed, it is important to know about tax liability in order to follow it. The amount can be diverted by means of deductions, credits, and other tax planning policies to keep away your tax liability to the legally minimal level.
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