Income tax expense

In accounting, income tax expense means the P&L charge for income taxes — current tax payable for the period plus the change in deferred tax assets and liabilities.

Layer: Lexicon
Defined in: Lexicon
Also called: Provision for income taxes
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taxes paid
tax payable

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Journal entry for an income tax provisionAt period-end, debit Income tax expense for the total provision, credit Income taxes payable for current tax, and credit (or debit) the Deferred tax asset for the change in deferred tax — for example, a net operating loss carryforward used this year.Entry

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