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ADMS 3520 (42)

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Administrative Studies
ADMS 3520
Thaddeus Hwong

Calculation of Net Income for Tax Purposes - All corporations have a financial statement prepared for accounting purposes using Generally Accepted Accounting Principles - This accounting statement must be adjusted to be in accordance with income tax rules. This is adjusted as follows: Net Income per Accounting Statement Add: Non-deductible expenses Add: Additional taxable income Deduct: Additional tax-deductible expenses Deduct: Accounting Income which is not taxable = Net Income for Tax Purposes General Limitation on Expenses - Expenditures are only allowed if incurred by taxpayer for the purpose of earning income from a business or property - This rule eliminates 1) personal expense paid through a business and 2) expenses that are not in the name of the company (business) Business Income – Differences from GAAP - C
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