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Accuprosys is the best Taxation Services Providing Company in Hyderabad that provides Taxation, Accounting Services in Hyderabad

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silly tax mistakes made by businesses

Silly Tax Mistakes Made by Businesses

Avoid these silly tax mistakes and face auditors without breaking a sweat.

Taxation Services

Accuprosys.com

taxation issues are surely very taxing

Listed here are the most silly tax mistakes made by businesses, especially small business and SMEs, that they inadvertently fail to avoid.

Taxation issues are surely very “taxing”.

The Auditing bug cannot be avoided and businesses might as well be prepared for it.

http://www.accuprosys.com

Accuprosys.com

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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.

Accuprosys.com

what happens if you fail to do so
What happens if you fail to do so?

You end up paying lower taxes or higher taxes than you should.

http://www.accuprosys.com

Accuprosys.com

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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.com

Accuprosys.com

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Do your financial records maintain business and personal expenses separately? Can you track your deductible expenses?

Accuprosys.com

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If not, then you are bound to stay out of the good books of auditors.

For more info click here

Taxation Services

Accuprosys.com

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Proper financial records are those that ensure business and personal expenses are clearly distinguished.

Accuprosys.com

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Payments made from personal accounts for business purposes are deductible. Anything other than that is not deductible. Remember! For more info visit http://www.accuprosys.com

Accuprosys.com

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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.

Accuprosys.com

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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!

Accuprosys.com

big or small a tax fraud is perhaps the biggest mistake you could make to jeopardize your business
Big or small, a tax fraud is perhaps the biggest mistake you could make to jeopardize your business.

Accuprosys.com

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Others find other means. Auditors have their way of identifying funny tactics. So quit the bad and get honest.

Accuprosys.com

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Confusion between independent contractors and employees on your payroll may land you in some serious trouble.

Accuprosys.com

employers are required to pay a percentage of employment taxes for workers employed by them
Employers are required to pay a percentage of employment taxes for workers employed by them.

Accuprosys.com

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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.

Accuprosys.com

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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 organization.

Accuprosys.com

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Centre for Innovation and EntrepreneurshipC-4, IIT-H Foundation, Gachibowli, Hyderabad9618402751, 9000600247

Reach us at:prabha@accuprosys.com simplify@accuprosys.comanuradha@accuprosys.comFor more details, please visit: www.accuprosys.com

Accuprosys.com