Taxation Services in Hyderabad - Trainingicon

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Silly Tax Mistakes Made by Businesses

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

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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.

• The Auditing bug cannot be avoided and businesses
  might as well be prepared for it.
• http//www.accuprosys.com

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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.
• http//www.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
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2. Overlooking deductible expensesTaxation
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 here
• Taxation 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! For more info visit
http//www.accuprosys.com
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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 organization.
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Centre for Innovation and EntrepreneurshipC-4,
IIT-H Foundation, Gachibowli, Hyderabad961840275
1, 9000600247

• Reach us atprabha_at_accuprosys.com
  simplify_at_accuprosys.com anuradha_at_accuprosys.com 
  For more details, please visit
  www.accuprosys.com