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Accounting is the recording, interpretation and reporting of financial transactions. Every business must keep proper records of all such transactions. There are many branches of accounting such as financial accounting, managerial accounting and tax accounting.
Whether your business is a sole proprietorship, partnership or corporation, businesses must file income tax returns and pay income tax. Proper recording and accurate tax returns will be beneficial in maintaining proper reputation of the business and on the other hand, poor records may result in underpayment or overpayment of taxes. This means that record keeping will directly affect the tax return policy.
In simple form we can say that tax accounting is important to comply with the tax laws as well as to minimize the tax expenditure.
Tax season is dreaded by most taxpayers throughout the year and for those who understand the process, filing taxes can be a daunting task. But for others it becomes a confusing test. A tax accountant plays a vital role in building a business. Tax accountants are responsible for maintaining proper records. They offer a wide range of services from budget analysis and asset management to investment planning, legal consultancy, cost estimation, auditing services and many more.
Tax accounting will cover financial planning services, litigation consulting services and managerial advisory services. Tax Accounting Group provides a broad range of tax compliance, planning and consulting services to individuals, business firms (including partnerships and corporations).
There are many income tax software programs available in the market for completing annual taxes. TaxAct software is available online, download and in CD-ROM form. TurboTax Software offers an online or a software package for personal or small business tax preparation. Software may be downloaded or provided by CD-ROM. TaxSlayer software can be used online or downloaded. There is no charge for the web version although there is a small eFile fee for federal taxes. Taxcut income tax software developed by H&R Block is ideal for simple returns.
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