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Taxes

Book value

A taxpayer's accounting records reflect the value of their individual assets, which is determined by subtracting any depreciation allowances from the actual cost. This amount is known as the asset's net book value, and it is crucial in understanding the financial standing of a taxpayer. By accurately calculating and recording this value, taxpayers can make informed decisions about their assets and overall financial health. Let's delve deeper into this concept and its significance in the world of finance.

Use tax

In the realm of finance, we often come across the term "use tax." This refers to a tax imposed on goods that are used within a certain jurisdiction, even if they were purcha...

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Estate duty/tax

Death duties, also known as inheritance tax or estate tax, are taxes that are imposed on the transfer of assets after a person's death. This tax is calculated based on the ...

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Capitalize

When we invest in new assets, it is important to record them as additions to our asset accounts rather than as expenses. This is because assets provide long-term benefits to...

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Rebate

A tax credit, also known as a fiscal credit, is a term that is commonly used in some countries to refer to a type of tax reduction. It is a tool used by governments to incen...

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