Definition, Meaning & Synonyms
tax-adjustment
noun
/tæks əˈdʒʌst mənt/
Definition
A tax-adjustment refers to the modification or alteration of tax obligations or credits to better align with an individual’s or a business’s financial situation, ensuring accurate tax reporting.
Examples
- After reviewing his financial records, he realized he needed a tax-adjustment to reflect his new income level.
- The accountant made a tax-adjustment to ensure the company claimed all eligible deductions.
- Understanding tax-adjustment can help you minimize your tax liability at the end of the year.
Meaning
Tax-adjustment is the process of recalibrating the amount of tax owed based on changes in income, deductions, or available credits.
Synonyms
- tax modification
- tax recalibration
- tax revision
