Progressive Tax – Explained

What is a Progressive Tax?Progressive Tax is the practice of charging different income levels in accordance with the taxpayer’s ability to pay. Under Progressive Tax, lower income groups are charged a lower rate of tax while higher income groups pay taxes at a...

Loss Carryback – Explained

What is Loss Carryback?Loss carryback refers to a situation where a company faces a net operating loss and decides to apply it to the tax returns of the previous year. This leads to a reduced tax bill for the year this loss is carried back to since it lowers the tax...

Holding Period – Explained

What is a Holding Period?Holding Period is the amount of time that the purchaser of property is the record owner of that property. The holding period does not necessarily require physical position. This time period is significant as it affects tax liability for...