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Deferred Tax Liabilities in Financial Accounting
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This video shows what a deferred tax liability is in Financial Accounting. A deferred tax liability is an increase in tax payable in future years due to a temporary timing difference. For example, if a firm uses straight-line depreciation for book purposes this will lead to a temporary tax difference because accelerated depreciation is used for tax purposes. Thus, in the early years of the asset's life the amount of depreciation recorded for tax purposes wil exceed the amount of depreciation for book purposes (the excess tax depreciation over book depreciation multiplied by the tax rate is the increase in the deferred tax liability account). This difference will reverse in the later years of the asset's life when the book depreciation exceeds the tax depreciation (this will decrease the deferred tax liability account). • Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com • To like us on Facebook, visit / edspira • Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com • To follow Michael on Facebook, visit • / prof.michael.mclaughlin • To follow Michael on Twitter, visit • / prof_mclaughlin • This video was funded by a Civic Engagement Fund grant from the Gephardt Institute for Civic and Community Engagement at Washington University in St. Louis. • — • Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. • Edspira’s mission is to make a high-quality business education accessible to all people. • — • SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS OTHER FREE GUIDES • http://eepurl.com/dIaa5z • — • MICHAEL’S STORY • https://www.edspira.com/about/ • — • LISTEN TO THE SCHEME PODCAST • Apple Podcasts: https://podcasts.apple.com/us/podcast... • Spotify: https://open.spotify.com/show/4WaNTqV... • Website: https://www.edspira.com/podcast-2/ • — • CONNECT WITH EDSPIRA • Website: https://www.edspira.com • Instagram: / edspiradotcom • LinkedIn: / edspira • Facebook: / edspira • Reddit: / edspira • *TikTok: / edspira • — • CONNECT WITH MICHAEL • LinkedIn: / prof-michael-mclaughlin • Twitter: / prof_mclaughlin • Instagram: / prof_mclaughlin • Snapchat: / prof_mclaughlin • *TikTok: / prof_mclaughlin • — • HIRE MCLAUGHLIN CPA • Website: http://www.MichaelMcLaughlin.com/hire-me
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