tax liability

Related Terms
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.
16 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.
15 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.
14 people found this helpful

Email Print Embed