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Federal Income Tax
A tax levied by the IRS on the annual earnings of individuals, corporations, trusts, and other legal entities.
Legally Operate
To conduct business activities in accordance with the laws and regulations of the jurisdiction in which the business exists.
Accrual Basis
An accounting method where transactions are recorded when they are earned or incurred, regardless of when cash transactions occur.
Accounting
is the systematic recording, reporting, and analysis of financial transactions of a business or individual.
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