tax assessments

A tax assessment is the process by which a tax authority determines how much tax an individual or business owes. It involves evaluating financial information, such as income, property value, or transactions, to calculate the correct tax liability. The assessment can be based on submitted tax returns or, in some cases, on estimates or audits. Once assessed, the taxpayer receives a notice specifying the amount due. If the taxpayer disagrees with the assessment, they can usually challenge it through an appeals process. Overall, it's the official calculation of your tax obligation by the government.