Here are some expressions commonly used in discussing taxation matters.
accounting - bookkeeping; the practice or profession of recording the accounts and transactions of a business charitable contribution - a contribution to an organization which is officially created for charitable, religious, educational, scientific, artistic, literary, or other good works deductible - an amount that can be deducted (especially for the purposes of calculating income tax); acceptable as a deduction (especially as a tax deduction) depreciation - a decrease or loss in value, as because of age, wear, or market conditions expense - a general term for an outgoing payment made by any business or individual file an income tax return - submit an income tax return gross income - the amount of a company's income or an individual’s income before all deductions income tax - a tax levied on the financial income of persons or corporations inland revenue - (British) a board of the British government that administers and collects major direct taxes; tax office; the taxman net income - an individual’s income after deductions, credits and taxes raise taxes - increase taxes reduce taxes - lower or cut taxes tax - a compulsory contribution, usually of money, that is required for the support of a government tax advisor - an independent financial expert especially trained in tax law tax evasion - intentional avoidance of tax payment usually by inaccurately declaring taxable income tax haven - a country or independent region where taxes are low tax refund - an amount that a government gives back to a taxpayer who has paid more taxes than were due tax return - an official form on which a company or individual enters details of income and expenses, used to assess tax liability tax-exempt - not subject to taxation tax-free - not subject to taxation; tax-exempt taxpayer - one that pays taxes or is subject to taxation value added tax - a tax on the value added to a product at each stage of its production, from raw materials to finished product
Now we put new vocabulary into context, so you can see how you might use these terms yourself. The expressions are in boldface in the text.
The worst thing you can do is raise taxes during a recession. Net income is equal to the income that a firm has after subtracting costs and expenses from the total revenue. Value added tax is a sales tax levied on the sale of goods and services. In some countries, including Singapore, Australia, New Zealand and Canada, this tax is known as "goods and services tax" or GST. All prices are inclusive of VAT. Charitable contributions are deductible from gross income, and thus lower the taxes paid. Tax evasion is defined as illegal or intentional actions taken by individuals or firms in order to reduce their tax payments. Monaco is a well known European tax haven. Does the Inland Revenue offer any cash incentives for using the online service? E-file your income tax returns for a faster tax refund. Direct contributions to needy individuals are not deductible. Contributions must be made to qualified organizations in order to be tax deductible. Keep good records of both income and expenses. Save all receipts. Consult a tax advisor, even if you're a start-up. A professional can save you both money and valuable time and keep you from running afoul of the Internal Revenue Service.
