👉 In fiscal accounting, a term used to denote financial transactions that do not involve any legal or governmental obligation to pay taxes or other fees. These types of transactions are typically classified as "non-fiscal" and are not subject to the same rules and regulations as those associated with fiscal transactions. The term is often used in the context of non-corporate entities, such as individuals, partnerships, and sole proprietorships, where there may be no legal or financial obligation to pay taxes on income or assets
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What is the definition of Nonfiscally? 🙋
👉 Non-fiscally refers to a situation where an individual is not financially responsible for their actions. This means that they are not responsible for paying taxes or other financial obligations, and therefore have no obligation to contribute to government programs or services. For example, if you are not contributing to your own retirement accounts like a 401(k) or IRA, you are considered non-fiscally. Similarly, if you do not pay taxes on your income, you are also considered non-fiscally
