12 Tips For Corporate Tax Skills

When the tax deadline comes, there are

1, do not wait until all the tax matters are put together to do that on the day only to contact your tax returns.

They will give you information that is suitable for your own situation, but if you do not cooperate with them, they will not be able to provide the best service.

They keep in touch with them all year round, so the advice they provide is foresight rather than acute.

2, we must be cautious in handling business tax.

Dealing with your personal tax is another matter, but when you sort out your business income, you will double the possibility of making mistakes.

You are not a tax expert, so is it worthwhile to spend money on people who put all their energy on tax regulations?

3, let software help you collect data.

Ideally, you have used accounting software, such as QuickBooks, to help you record your income.

If not, this is a good investment for the new year, which is also useful for the past days.

Even if there is nothing else, using an electronic data sheet is better than using a shoe box.

Computer programs will make it easy for you to check repeatedly and reduce errors.

4, clear deadlines.

It depends on your tax year and your company's operating entity. Their deadlines are different.

In addition, different operating contents have different tax payment periods.

In order to minimize unnecessary penalty and interest, please mark the date on the calendar to help yourself on time.

5, make sure the form is correct.

If you deal with business tax yourself, the form you need to fill out is determined by your company's operating entity (restricted liability company, company, exclusive operation, partnership business, etc.).

Recognize the correct form according to your company's form.

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6, if qualified, family office tax exemption should be obtained.

You need to declare your operating expenses, such as rent, office supplies, insurance, and cleaning up parts of your house for business activities only.

But here is a tax trap. If you own your own house, when you sell it, you have to pay taxes for part of your business profits.

Before asking for tax exemption, weigh the pros and cons first.

7, check whether your industry department has special tax requirements or treatment.

Each industry department has different tax standards in different aspects, so that you know what choices your department has.

8, don't forget to consider the depreciation of the fixed assets.

Sometimes inexperienced owners do not fully understand the meaning of depreciation.

You must be well versed in the tax law on fixed assets, not when the economic benefits they provide are longer than those paid this year.

Because there are many ways of depreciation that you can use to get depreciation fees. It is advisable to discuss with your tax experts about your actual cost.

9, invest in pension schemes.

This will reduce your tax and help you save for the future.

You can choose to pay yourself or the government.

You still have time to make investment plans for last year.

10, backup tax returns.

Back up all the documents submitted to the local government and the Inland Revenue Department and form a good sense of business.

You will not know what will happen, and when you need to copy the document that has been delivered.

So take your records in two copies.

11, keep the files.

Don't throw away the backup files because the tax is paid.

You need to keep the document for future reference.

You should keep all documents related to federal tax returns, including credit cards and receipts, photocopies of all bills and invoices, mileage and certificates, canceled checks or other evidence of payment, and other records supporting your tax relief or tax arrears on the declaration form.

12, make plans for the new year.

What can you do to promote the tax situation of your company in the new year? Many entrepreneurs make business decisions without considering the tax factors.

But many choices will have an impact on your tax status, so consider this factor before making a decision.

There is no room for change until the decision has been made.