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Taxation Services in Hyderabad

accuprosys provides taxation services in hyderabad

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Taxation Services in Hyderabad

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  1. Silly Tax Mistakes Made by Businesses Avoid these silly tax mistakes and face auditors without breaking a sweat. Accuprosys.com

  2. 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. Accuprosys.com

  3. 1. Not maintaining financial records Accuprosys.com

  4. 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

  5. Accuprosys.com

  6. What happens if you fail to do so? You end up paying lower taxes or higher taxes than you should. Accuprosys.com

  7. 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. Accuprosys.com

  8. 2. Overlooking deductible expensesTaxation services - Accuprosys Accuprosys.com

  9. Do your financial records maintain business and personal expenses separately? Can you track your deductible expenses? Accuprosys.com

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

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

  12. Payments made from personal accounts for business purposes are deductible. Anything other than that is not deductible. Remember! Accuprosys.com

  13. 3. Not staying informed about legal updates on taxation Accuprosys.com

  14. One of the silliest taxation mistakes made by businesses is that they do not stay well-informed about changes in tax laws. Accuprosys.com

  15. 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

  16. 4. Indulging in tax frauds Accuprosys.com

  17. Some tax frauds are major and some are not. Accuprosys.com

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

  19. Some companies pocket a percentage of indirect taxes levied on customers. Accuprosys.com

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

  21. 5. Not correctly distinguishing independent contractors and internal employees Accuprosys.com

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

  23. Tax liabilities are different for employees and independent contractors. Accuprosys.com

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

  25. 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

  26. 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

  27. 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

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