The end of the year is a crucial time for accountants and business owners. Preparing documents for closing accounts and filing taxes must be rigorous to prevent later audits and fines.
Checklist:
- Check invoices: Collect and verify the accuracy of all invoices and receipts to ensure they are in the format required by the tax department.
- Calculate income tax: Estimate actual income and expenses to calculate the annual income tax accurately.
- Check for non-deductible items: There are certain types of expenses that are not allowed to be deducted as capital by the tax authorities. They must be clearly separated.
Good tax planning is not about avoiding taxes, but about using legal benefits to save money correctly.