Role of a Public Accountant in Business Tax Return
If people need reforms in their country then they must begin with giving the tax to the country’s government. This tax is used for the betterment of the state in various ways. The betterment or reform can be brought to the health sector, to the education departments, for the creation of more job opportunities and so on. Basically; tax can be defined as the amount of money that is levied upon specific assets, money or any belongings of an individual or a company. Tax is levied upon by the government on all of its citizens who fits into the criterion of providing the tax. There are two main types of taxes known as direct tax and indirect tax; these two types are then further divided into more categories. The tax return is the document that is prepared in which all the assets and monthly or yearly payment of an entity is written along with the tax that he has payed to the government. In this article; we will be discussing about the role of a public accountant in business tax return.
Tax and its types:
Tax is the amount of money that is levied upon the asset and the monthly payment of an individual or an entity. This asset can be a piece of a land or a building being owned by an individual or a company. Each and every citizen who fits into the criterion of paying tax must pay the amount for the betterment of his country. There are two main types of taxes which, are known as direct tax and indirect tax. Direct tax is the kind of a tax that is imposed on the income or profit of an individual and he has to pay it. On the other hand; indirect tax is the tax that is levied on the goods, sources and products. Direct tax is further divided into categories like income tax, capital gain tax; corporate tax and so on. Similarly; indirect tax is also divided into types like sales tax, services tax, etc.
Business tax return:
Business tax return is the annual statement that a particular corporate or firm prepares in which, information about the yearly profit, assets and income is written down. Then the tax authorities determine the liability of the amount of tax that has to be paid. Mainly the information that is recorded in the file of annual business tax return includes gross income, client invoices, records of solid goods, receipt of last year tax return , etc.
Overdue tax return:
If an individual, firm or an entity fails to submit the set amount of tax return then they must pay it with an interest which is known as overdue tax return. No matter; if there has been procrastination in the submission of tax retune due to intentional or unintentional reasons but still the interest will be added to the set amount of tax. An interest of three percent is added to the actual amount of tax if the due date has been crossed. This is the reason that tax return must be payed on time to safe yourself from penalties and interests.
Role of a Public Accountant in Business tax return:
A public accountant is an official who prepares the document of tax return for an individual or a company in which all of the financial statements are recorded. These public accountants study, research and then prepares the documents as per accordance to the tax law. It is the public accountant who invents the strategies that minimizes or defers the tax payments while preparing the business tax return.
Online tax return and Accountant:
Nowadays; companies prepare softwares that assess all your firm’s important tax related documents and can prepare for you the most suitable business tax return on time. One such place that offers their services of tax return is known as “Ezy tax online”
Tax is the amount of money that is levied upon by the government on its citizens based upon their assets and income. There are direct taxes as well as indirect taxes. To pay the tax to the government; one needs to provide tax return. “Ezy tax online” is the best way of providing business tax return as well as overdue tax return through online systems.