What is the difference between a future taxable amount and a future deductible amount? And does this affect the beginning balances of deferred tax asset and deferred tax liability?

A future taxable amount is an amount of income that is expected to be subject to taxation in the future, while a future deductible amount is an expense that is expected to be deductible from taxable income in the future.

Taxable amount is the total amount of income or profit that is subject to taxation. It is the amount of money that an individual or business must pay taxes on after deductions and exemptions have been taken into account. Taxable amount is calculated by subtracting the deductions and exemptions from the total amount of income or profit. This amount can be calculated on an individual basis or on a business basis. Depending on the jurisdiction, the taxes may be imposed at different rates and be collected by different levels of government.

This does affect the beginning balances of deferred tax asset and deferred tax liability. A deferred tax asset is created when a future deductible amount is expected to exceed a future taxable amount, resulting in an estimated future tax benefit. Conversely, a deferred tax liability is created when a future taxable amount is expected to exceed a future deductible amount, resulting in an estimated future tax expense.

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