Taxation services in hyderabad accuprosys
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Silly Tax Mistakes Made by
Businesses Avoid these silly tax mistakes and face auditors without breaking a
sweat. Taxation Services
1Accuprosys.com
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Taxation issues are surely very
“taxing”.
OListed here are the most silly tax mistakes made by businesses, especially small business and SMEs, that they inadvertently fail to avoid.
The Auditing bug cannot be avoided and
businesses might as well be prepared for it.
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1. Not maintaining financial records
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Business heads are so engrossed in numbers: sales projections, profits, revenue, et al. But the numbers they should be most concerned with are the ones on their financial records. Taxation services
Yet, these are the very entities they ignore. Businesses should keep their records and annual accounts updated.
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What happens if you fail to do so?
You end up paying lower taxes or higher taxes than you should.
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Even if you did pay the correct amount of tax, auditors will still raise
eyebrows (and issues of course!) if you do not have proper financial
documents to substantiate the taxes
paid.http://www.accuprosys.co
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2. Overlooking deductible expenses
Taxation services - Accuprosys
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Do your financial records maintain business and
personal expenses separately?
Can you track your deductible expenses?
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If not, then you are bound to stay out of the good books of
auditors. For more info click
hereTaxation Services
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Proper financial records are those that ensure business and
personal expenses are clearly distinguished.
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Payments made from personal accounts for business purposes are deductible. Anything other
than that is not deductible. Remember!
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3. Not staying informed about legal updates on taxation
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One of the silliest taxation mistakes made
by businesses is that they do not stay well-informed
about changes in tax laws.
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Businesses should follow notifications and circulars
to keep themselves abreast about any
changes in tax laws until they release an app for
that!
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4. Indulging in tax frauds
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Some tax frauds are major and some are
not.
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Big or small, a tax fraud is perhaps the biggest mistake you
could make to jeopardize your
business.
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Some companies pocket a percentage of indirect taxes levied on
customers.
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Others find other means. Auditors have
their way of identifying funny tactics. So quit
the bad and get honest.
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5. Not correctly distinguishing independent
contractors and internal employees
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Confusion between independent
contractors and employees on your
payroll may land you in some serious trouble.
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Tax liabilities are different for employees
and independent contractors.
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Employers are required to pay a percentage of employment taxes for workers employed by
them.
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Non-payment of these taxes attracts penalties
and interests. Stating that an employee is an
independent contractor to avoid taxes is a big no-no.
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There are a zillion legal ways to save on taxes. Companies should seek
assistance from reputed accounting and taxation service firms or hire corporate advisors to help them
make the right investment choices and to save on taxes. Going the
illegal-way to avoid taxes not only attracts gruesome penalties but also poses a risk to the reputation of the
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Centre for Innovation and Entrepreneurship
C-4, IIT-H Foundation, Gachibowli, Hyderabad
9618402751, 9000600247
Reach us at:[email protected] [email protected] [email protected]
For more details, please
visit: www.accuprosys.com
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