Accuprosys is the best Taxation Services Providing Company in Hyderabad that provides Taxation, Accounting Services in Hyderabad

1. Silly Tax Mistakes
Made by Businesses
Avoid these silly tax mistakes and face
auditors without breaking a sweat.
Taxation Services
1Accuprosys.com

2. Taxation issues are
surely very “taxing”.
O Listed here are
the most silly
tax mistakes
made by
businesses,
especially small
business and
SMEs, that they
inadvertently
fail to avoid.
The Auditing bug cannot
be avoided and
businesses might as well
be prepared for it.
http://www.accuprosys.co
m
Accuprosys.com 2

3. 1. Not maintaining
financial records
http://www.accuprosys.c
om
Accuprosys.com 3

4. Accuprosys.com 4
Business heads are so
engrossed in numbers:
sales projections,
profits, revenue, et al.
But the numbers they
should be most
concerned with are the
ones on their financial
records.
Taxation services
Yet, these are the very
entities they ignore.
Businesses should
keep their records and
annual accounts
updated.

5. Accuprosys.com 5

6. What happens if you fail to
do so?
You end up paying lower taxes or higher taxes than you
should.
http://www.accuprosys.com
Accuprosys.com 6

7. Even if you did pay the correct
amount of tax, auditors will
still raise eyebrows (and issues
of course!) if you do not have
proper financial documents to
substantiate the taxes paid.
http://www.accuprosys.com
Accuprosys.com 7

8. 2. Overlooking
deductible expenses
Taxation services -
Accuprosys
Accuprosys.com 8

9. Do your financial records
maintain business and
personal expenses separately?
Can you track your deductible
expenses?
Accuprosys.com 9

10. If not, then you are bound
to stay out of the good
books of auditors.
For more info click here
Taxation Services
Accuprosys.com 10

11. Proper financial records are
those that ensure business
and personal expenses are
clearly distinguished.
Accuprosys.com 11

12. Payments made from personal
accounts for business purposes are
deductible. Anything other than that is
not deductible. Remember!
For more info visit
http://www.accuprosys.com
Accuprosys.com 12

13. 3. Not staying informed
about legal updates on
taxation
Accuprosys.com 13

14. One of the silliest taxation
mistakes made by businesses
is that they do not stay well-
informed about changes in tax
laws.
Accuprosys.com 14

15. Businesses should follow
notifications and circulars to
keep themselves abreast about
any changes in tax laws until
they release an app for that!
Accuprosys.com 15

16. 4. Indulging in tax frauds
Accuprosys.com 16

17. Some tax frauds are major
and some are not.
Accuprosys.com 17

18. Big or small, a tax fraud is
perhaps the biggest mistake
you could make to
jeopardize your business.
Accuprosys.com 18

19. Some companies pocket a
percentage of indirect taxes
levied on customers.
Accuprosys.com 19

20. Others find other means.
Auditors have their way of
identifying funny tactics. So
quit the bad and get
honest.
Accuprosys.com 20

21. 5. Not correctly
distinguishing
independent contractors
and internal employees
Accuprosys.com 21

22. Confusion between
independent contractors
and employees on your
payroll may land you in
some serious trouble.
Accuprosys.com 22

23. Tax liabilities are different
for employees and
independent contractors.
Accuprosys.com 23

24. Employers are required to
pay a percentage of
employment taxes for
workers employed by them.
Accuprosys.com 24

25. Non-payment of these taxes
attracts penalties and
interests. Stating that an
employee is an independent
contractor to avoid taxes is a
big no-no.
Accuprosys.com 25

26. There are a zillion legal ways to save on
taxes. Companies should seek assistance
from reputed accounting and taxation
service firms or hire corporate advisors to
help them make the right investment choices
and to save on taxes. Going the illegal-way to
avoid taxes not only attracts gruesome
penalties but also poses a risk to the
reputation of the organization.
Accuprosys.com 26

27. Centre for Innovation and
Entrepreneurship
C-4, IIT-H Foundation,
Gachibowli, Hyderabad
9618402751, 9000600247
Reach us at:
prabha@accuprosys.com
simplify@accuprosys.com
anuradha@accuprosys.com
For more details, please visit:
www.accuprosys.com
Accuprosys.com 27