A tax accountant is a professional specializing in preparing, filing, and managing tax returns for individuals and businesses, ensuring compliance with tax laws and maximizing tax efficiency.
A taxpayer is an individual or entity that is liable to pay taxes to a governmental authority, including but not limited to the Internal Revenue Service (IRS) in the United States.
A turnover tax is a tax assessed on a good at an intermediate stage of production rather than on the finished good, commonly referred to in comparisons with Value-Added Tax (VAT).
A tax credit available to employers for wages paid to employees hired from certain targeted groups of hard-to-employ individuals. Generally, the credit is 40% of the first $6,000 of qualified wages ($3,000 for qualified summer youth employees) paid to each member of a targeted group during the first year of employment, and 25% in the case of wages attributable to individuals meeting only minimum employment levels.
The Writing-Down Allowance (WDA) is a form of tax relief that allows businesses to depreciate certain types of assets to reduce taxable profits.
