Editing Accounting (section)

===Tax accounting===
{{main article|Tax accounting}}
Tax accounting in the United States concentrates on the preparation, analysis and presentation of tax payments and tax returns. The U.S. tax  system requires the use of specialised accounting principles for tax purposes which can differ from the [[generally accepted accounting principles]] (GAAP) for financial reporting.<ref name="autogenerated2010">{{ Citation | last1 = Droms| first1= William G.| last2= Wright| first2= Jay O.| title= Finance and Accounting for nonfinancial Managers: All the Basics you need to Know| publisher= Basic Books| year= 2010| edition= 6th}}</ref> U.S. tax law covers four basic forms of business ownership: [[sole proprietorship]], [[partnership]], [[corporation]], and [[limited liability company]]. [[Corporate tax in the United States|Corporate]] and [[Income tax in the United States|personal]] income are taxed at different rates, both varying according to income levels and including varying marginal rates (taxed on each additional dollar of income) and average rates (set as a percentage of overall income).<ref name="autogenerated2010"/>