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Expense budget planning is an important part of any budget. An expense budget is a list of forecasted expenses within a set amount of time. An expense budget could cover a quarter, an entire year or just a month.
What is a 'Tax Expense'. A tax expense is a liability owing to federal, state/provincial and municipal governments. Tax expenses are calculated by multiplying the appropriate tax rate of an individual or business by their income before taxes, after factoring in such variables as non-deductible items, tax assets and tax liabilities. Next Up.