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.