The subject of this paper is the presentation of the effect of deferred taxes on the profit / loss shown in the financial statements. Limited liability companies tax the business result accomplished in one fiscal year with corporate income tax. The determination of the tax base is based on the accounting profit according to accounting standards. When calculating corporate income tax, taxpayers are obliged to apply tax regulations that are not harmonized with accounting standards. Differences arise between accounting profit/loss and taxable profit/loss. Due to the inconsistency between accounting standards and tax regulations, differences occur, which are divided into permanent differences that have a lasting effect and temporary differences that have a temporary effect. Temporary differences can be recognized as deferred tax assets or deferred tax liabilities. Deferred taxes affect the final tax liability and the net profit/loss of the limited liability company. The purpose of this paper is to define and explain permanent and temporary differences between accounting and taxable profit/loss and to demonstrate their influence on the final amount of the tax liability. The theoretical part of the paper explains the legal framework of financial and tax reporting. The final chapter analyzes the tax expense, the movement of deferred taxes, and the reconciliation of the tax expense with the statutory tax rate using the example of ten limited liability companies applying International Financial Reporting Standards.