Discussions
What is the relationship between Accounting and Tax in a business?
17 days ago by accountinglads
Accounting and tax go hand in hand in business. All financial movements are recorded and accounted for by accounting; tax accounting picks out the key data to compute the amount of tax you owe. For you to get tax deductions, all your business expenses need to be recorded in an accounting program. Correct accounting helps you file your tax return accurately and reduces the chance of penalties. Tax professionals use accounting data to suggest how to follow the rules and plan ahead. Because of accounting and tax, companies can be financially transparent, make informed decisions and build long-term security.