tax liability



Debt to a government incurred by a tax payer as accrued or assessed taxes. Tax liability is shown as a short-term liability in financial statements, and takes precedence over all other liabilities.

Use tax liability in a sentence

  • You must know the tax liability of your business at all times so you don't get a big surprise when the time comes to settle up.

    22 people found this helpful
  • I did not wanna turn eighteen and get a job because I knew the next step was tax liability and I did not want any part of that.

    21 people found this helpful
  • We had no tax liability after incorporating which was a very positive event in our business' history. It was a success.

    18 people found this helpful
Show more usage examples...

Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z