Download - Taxation services accuprosys
![Page 1: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/1.jpg)
Silly Tax Mistakes Made by
Businesses Avoid these silly tax mistakes and face auditors without breaking a sweat
.
1Accuprosys.com
![Page 2: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/2.jpg)
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.
Accuprosys.com 2
![Page 3: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/3.jpg)
1. Not maintaining financial records
Accuprosys.com 3
![Page 4: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/4.jpg)
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.
![Page 5: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/5.jpg)
Accuprosys.com 5
![Page 6: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/6.jpg)
What happens if you fail to do so?
You end up paying lower taxes or higher taxes than you should.
Accuprosys.com 6
![Page 7: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/7.jpg)
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 7
![Page 8: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/8.jpg)
2. Overlooking deductible expenses
Taxation services - Accuprosys
Accuprosys.com 8
![Page 9: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/9.jpg)
Do your financial records maintain business and
personal expenses separately?
Can you track your deductible expenses?
Accuprosys.com 9
![Page 10: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/10.jpg)
If not, then you are bound to stay out of the good books of
auditors.
Accuprosys.com 10
![Page 11: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/11.jpg)
Proper financial records are those that ensure business and
personal expenses are clearly distinguished.
Accuprosys.com 11
![Page 12: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/12.jpg)
Payments made from personal accounts for business purposes are deductible. Anything other
than that is not deductible. Remember!
Accuprosys.com 12
![Page 13: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/13.jpg)
3. Not staying informed about legal updates on taxation
Accuprosys.com 13
![Page 14: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/14.jpg)
One of the silliest taxation mistakes made
by businesses is that they do not stay well-informed about changes in tax laws
.
Accuprosys.com 14
![Page 15: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/15.jpg)
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 15
![Page 16: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/16.jpg)
4. Indulging in tax frauds
Accuprosys.com 16
![Page 17: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/17.jpg)
Some tax frauds are major and some are
not.
Accuprosys.com 17
![Page 18: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/18.jpg)
Big or small, a tax fraud is perhaps the biggest mistake you
could make to jeopardize your
business.
Accuprosys.com 18
![Page 19: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/19.jpg)
Some companies pocket a percentage of indirect taxes levied on
customers.
Accuprosys.com 19
![Page 20: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/20.jpg)
Others find other means. Auditors have
their way of identifying funny tactics. So quit
the bad and get honest.
Accuprosys.com 20
![Page 21: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/21.jpg)
5. Not correctly distinguishing independent
contractors and internal employees
Accuprosys.com 21
![Page 22: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/22.jpg)
Confusion between independent
contractors and employees on your
payroll may land you in some serious trouble.
Accuprosys.com 22
![Page 23: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/23.jpg)
Tax liabilities are different for employees
and independent contractors.
Accuprosys.com 23
![Page 24: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/24.jpg)
Employers are required to pay a percentage of employment taxes for workers employed by
them.
Accuprosys.com 24
![Page 25: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/25.jpg)
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 25
![Page 26: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/26.jpg)
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 26
![Page 27: Taxation services accuprosys](https://reader035.vdocuments.us/reader035/viewer/2022062418/55618d33d8b42ae27d8b4d2f/html5/thumbnails/27.jpg)
Centre for Innovation and Entrepreneurship
C-4, IIT-H Foundation, Gachibowli, Hyderabad
9618402751, 9000600247
Reach us at:[email protected] [email protected]
For more details, please visit: www.accuprosys.com
Accuprosys.com 27