Can businesses include income tax in their operating expenses?
- Max HooplaLv 78 years agoFavorite Answer
Not to determine profit for tax purposes.
- RUSeriousLv 78 years ago
Generally speaking, an income statement is prepared in the following manner:
Less Expenses $ 2,000.00
Profit before Taxes $ 8,000.00
Provision for Taxes $ 1,000.00
Net Profit After Tax $ 7,000.00
- JudyLv 78 years ago
It's not deductible for tax purposes, if that's what you're asking.