From the course: Finance for Non-Financial Managers
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Understanding income taxes
From the course: Finance for Non-Financial Managers
Understanding income taxes
- Even numbers people can be scared of income taxes. - Taxes make us nervous because we're not sure we understand all the tax implications of our business decisions. - It is of critical importance to engage a professional when in doubt. - But with that said, an overview of the purpose of the income tax system can take some of the edge off of our fears. - Income taxes influence almost every decision that's made in a business. - Okay, so what is an income tax? - An income tax is a required payment to a government based on the amount of a person's income or a company's profit. - Seems such a simple statement. Like, why is there so much controversy and intrigue right there in that simple statement? - For example, to what government? The government where I live, the government where I earn my money, or the government of which I'm a citizen? - [Earl] So the question of to what government needs to be defined in the income tax accounting rules. - [Jim] And how is the amount of income tax…
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