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Accounting For Income Taxes Home Accounting For Income Taxes Navigate Accounting For Income Taxes Bookkepping Services What is income tax? Income tax is referred to a type of direct tax the central government imposes on the income earned during a financial year by the corporates and business owners. The tax computation is based on the income slab rates applicable during that financial year. These taxes are sources of revenue for the government and it utilizes this revenue for developing infrastructure, administering healthcare, education, granting aid to the farmer/agriculture sector and in various other welfare projects. Every citizen must pay the income tax. If an individual or a company fails to file or pay for their due taxes, there is a chance of certain liabilities being imposed on them by the relevant tax authority such as IRS. To avoid such liabilities The TaxTactics Firm offers you a suitable income tax service. Contact us now and get your business back on track! What is accounting for Income Taxes? Tax accounting is one of the significant factors that contribute in the field of accounting. The key accounting for income taxes is to acknowledge tax liabilities for estimated income taxes payable, and determine the tax expense for the contemporary period. Before moving forward you should recognize some key points to gain a deeper understanding of accounting for income taxes. These factors are mentioned below: 1. Accounting Profit Accounting profit is referred to the profit displayed in ‘profit & loss’ statement including all the income and expenses but excluding tax. 2. Taxable Profit Taxable profit is referred to the profit arrived according to the tax laws and on which you are required to pay the tax in compliance with the laws. 3. Current Tax The current tax is referred to the tax which is payable or paid on taxable profit according to the applicable tax rate of the current year. 4. Deferred Tax Deferred tax is referred to the tax that a company will ultimately pay on its taxable income, but which are not yet due for payment. This is caused by timing difference. 5. Temporary / Timing Differences Timing differences are the variations in the calculation of taxes in the local tax regulations and in the accounting structure that a company uses. Objectives in Accounting for Income Taxes The Accounting for Income Taxes gives insight to the taxpayers in order to avoid the imposition of tax liabilities that might be raised against your company by a tax agency. There are several terminologies and procedures that combines together to reduce the odds of tax liabilities, as mentioned below: 1. Boost After-Tax Profits First and foremost step is to ensure company’s income tax accounting is in harmony with its operating strategy. It is essential for a company to understand how it draws tax liabilities and revamp its strategies accordingly in order to maximize its profits. 2. Reviewing Funds Income tax accounting allows the company to maintain financial flexibility and resilience. Funding the company’s operations with debt and a company’s capital structure may have various impacts that can influence its tax liability. Acknowledging these impacts gives the company insight on how to draft a plan accordingly and transitively maintain its financial flexibility by offering numerous options. 3. Timing Control of Payments Lastly, Accounting for Income Tax offers the company to supervise cash flow and reduce cash taxes paid. Opposing taxes and defying from paying is not a good option; postponing them into the future is more preferable. A company will want to collect tax deductions sooner rather than later to avoid any waste of time of their company. Our Accounting for Income Tax services The TaxTactics Firm is a private business firm which offers top notch services to a vast client base. Like our any other Tax Services we tend to serve our customers in accounting for income taxes with complete devotion. Our consistent and recurrent clients not only encourage us to keep up the effort but also motivate new clients to seek our services. We especially welcome startup companies. We understand the delicacy of their situation and serve them accordingly. We fulfill all that is mentioned under the heading of Objectives in Accounting for Income Taxes! Contact us now!    

Tax Return Services Home Tax Return Services Navigate Tax Return Service Tax Planning Service What is a Tax Return? A tax return is a form documented with a tax authority that reports income, budget, and other relevant tax details. It allows taxpayers to compute their tax liability, plan tax payments, or request reimbursement for overpayment of taxes. In most countries, tax returns must be filed annually for an individual or business with allowable income, including salaries, interest, dividends, capital, gains, or other profits. Tax returns are customarily devised using forms prescribed by the IRS or other apposite authorities. The tax return process is mandatory for every private citizen or business owner at least once a year. Generally, a tax return starts with the taxpayer providing personal details, including their filing status and reliant information. The Tax Constitution – Tax Cuts and Jobs Act of 2017 The Tax Cuts and Jobs Act was written into the law in December 2017. It makes a vast amount of changes to income tax, estate tax, and even gift tax. You can take advantage of the benefits offered by the legislation through various techniques. However, to execute those techniques, you require proper tax planning and preparation. Here, at The TaxTactics Firm, we have professionals who have extensive knowledge of laws and regulations. They know when and how to use that knowledge for maximum benefit. TAX RETURN SERVICES Since filing for tax returns requires some special planning and preparation not everyone is capable of doing it. Proper experience and qualification are needed to properly deal with tax returns. Therefore, The TaxTactics Firm provides Tax Return Services to all sorts of corporates or business owners with well-experienced accountants and tax return agents who are aware of various efficient techniques to ease some of your responsibilities . Our job is to ensure not to waste your time and resources. Contact us now through secure client portals, and safely fill in relevant financial information! Why You Should File Your Tax Return? Following are the reasons, it is important to complete this annual obligation and fend off auxiliary debt. Avoid late filing penalties A penalty can apply to those who have not filed income tax returns for several years. Moreover, the Department of Justice can charge fines for failing to file an income tax return. IRS Overdue Tax Resolution IRS go after unpaid taxes, beginning with simple reminders, letters, and emails to all your assets seized and rendering you with no choice but to declare bankruptcy, in extreme cases. To avoid all these circumstances, we are here to guide you in filing a tax return. It is recommended by the IRS, that filers keep tax returns for a minimum of three years while other factors may require further extended retention. In case, there are errors in the tax return, it should be amended and submitted to correct the disparity. Obtain allowances Another drawback of failing to file a tax return is that the person could be depriving themselves of supplementary revenue for which they are generally eligible. On account of their personal situation, they may be eligible for a family allowance, GST credits, the Trillium Benefit (Ontario), the solidarity tax credit (Quebec), or many other different allowances. How do we help? Our Tax Return services ensure not to allow any dire circumstances to come to pass in your business. We back you in numerous ways of resolutions like: · Ending a wage ornamentation· Releasing a tax lien· Resolving back taxes definitively Types Tax Returns Business Tax Return Services Tax return for businesses is a very critical annual obligation that needs to be considered carefully. In the management of over-going taxes, you risk losing profits while handling lesser taxes, you risk non-compliance. Avail the services of The TaxTactics Firm to ensure you never miss a tax deduction, all along complying with the traditional laws! Individual Tax Return The importance of tax returns for individual citizens is similar to what it is for businesses. Without exploiting your budget, The TaxTactics Firm can take all the stress that comes with tax filing from you. We promise proficient handling of all the matters related to personal tax returns! State and Local Taxes The TaxTactics Firm has enough potential and expertise to manage all your taxes, whether they are on the State level or Federal level. Following are some of our services: · Sales and Use tax services· Tax incentive analysis· Nexus filings and more! Let us assist you in decreasing the effective tax rates for your business within the legislation rules! Delinquent Unfiled Tax Returns Some people don’t file tax returns on time and they realize their mistake later. The TaxTactics Firm offers assistance in filing for the earlier unfiled returns. Numerous methods can be used for resolutions, one of which is installment agreement or remission for taxes. Contact us now and ease your difficulties! Fresh Start for Back Taxes The TaxTactics Firm provides a Fresh Start program for individuals and businesses to help them pay their back taxes and reduce the number of tax liens issued. Any taxpayer who owes more than $50,000 in back taxes can apply for a streamlined installment agreement with the IRS. Such installments can allow you to easily manage large amounts of money and pay them in months, or years.