The tax base is generally dependent on Business assets and liability, assets being what you have left for future tax deductions while that of a liability is its carrying amount, remove any amount that will be deductible for tax purposes with regard to that liability in future periods.
A business cannot shy away from tax-related discussions as it is an integral part of a business that has to be taken into consideration at all times. In order to keep records of the business tax payments with the Inland Revenue Service, a business is expected to have a Tax Identification Number (TIN) that serves as the account under which all tax transactions performed by a business are recorded.
Strategic management accounting is a set of tools that help you understand your business and plan for growth. It can be used by anyone in any role, but it’s especially useful for those who are responsible for making strategic decisions about their company’s finances.
Start-up and small business owners often feel overwhelmed by tax laws. However, it’s important to understand the basics of how your business is taxed so you can make sure everything is done correctly. We’ve compiled this tax guide for small businesses that will help you get started with understanding your small business taxes.