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Thread: Diligence in Paying Taxes

  1. #21
    Member Plus
    Join Date
    Dec 2016

    Default Re: Diligence in Paying Taxes

    Quote Originally Posted by gracer View Post
    Every business owner has to always include payment schedules for taxes in his/her journal to avoid payment delays and subsequent penalties. Scheduling and paying in advance has been a regular practice in our small business. Aside from regularly checking inventories and auditing one's income, paying taxes is one responsibility that shouldn't be overlooked when running a business. What other ideas can you add when it comes to paying business taxes diligently?

    It's important to keep a record of all business transactions to make sure that you don't miss out on reporting income and expenditures. If you're a small business owner, it might not be cost-effective to hire a regular accountant. I would recommend that business owners learn the basics of tax compliance by enrolling in a seminars like Accounting for Non-Accountants. Ultimately, they are the ones responsible for the business taxes. The business owner or a staff can do the daily bookkeeping which is actually a simple task or recording repetitive transactions. The monthly tax reports aren't really complicated but if you don't feel confident about doing it yourself, better hire an accountant than commit costly blunders. A qualified and well-experienced accountant can give you advice on how to maximize the benefits of taxation laws and minimize your taxes as well.

    Nowadays, you don't have to line up the bank to pay your taxes. You can take advantage of online banking facilities to file and pay your taxes. It's also more convenient and practical to use the electronic filing and payment system.

  2. #22
    Member Plus pramod's Avatar
    Join Date
    Nov 2016

    Default Re: Diligence in Paying Taxes

    One of the headaches of business - taxes. And paying taxes is not easy because there is always a long line to the cashier. I wonder if they can streamline the system so the procedure of paying would be faster. Businesses here are required to report VAT payments monthly otherwise there will be a penalty. And even if there is not payment involved like when the business did not have any transaction for a particular month, reporting to the bureau of internal revenue is still required. So that is an additional person to the line in the revenue office. Another tax to submit is the income tax of employees where the withheld tax should be submitted to the revenue office as well.

  3. #23
    Regular Member
    Join Date
    Jan 2018

    Default Re: Diligence in Paying Taxes

    Also keeping records of every transactions, so you wont miss a thing later

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