Paying tax is the basic responsibility of every citizen of the country. As a good citizen, it is our responsibility to comply with all the regulations of the country. People earn through many sources. We need to show all our income while paying income tax. Many people do not have a proper idea of filing tax. Let us discuss some basic requirements for filing income tax on time.
We get out of income from our employers. Often we generate revenue from the sources other than regular income. This income may come from the source s like bank interest, dividend, income from freelancing, etc. The taxpayer has to club all the income and calculate the tax payable after accommodating all the deductions. Tax form 1099 is the required document that is needed to file an income tax return. The last date of issuing the form is 31st Dec 2019. However, your business should get ready with complete records and books of accounts. An enterprise having incomplete financial records is not supposed to issue the tax document. So beware!, the business owners and get ready with your homework.
We the outsourced bookkeeping have a pool of expert tax persons who can help you in issuing tax form-1099 to file your tax return. Besides that, we can also help you to reconcile your bank accounts. A reconciled account shows the genuinely of business finance and accounts. The first step before ascertaining the total income is to identify the validity of the accounts. We have qualified accounts professionals who can help you to maintain the books of accounts and preparing financial statements like income statements, cash flow, and the ultimate balance sheet.
Outsourced bookkeeping can help you identifying for corruption, conflict of interest, assets misappropriation, extortion, bribery, financial fraudulent and the like. Besides that, we suggest quantitative information that is financial in nature, about economic activities useful for making significant business decisions. This will give you an informed idea of making reasoned choices among alternative courses of action.
We perform credit card management, business bank reconciliation, account payable services and account receivable services, trail balance, bank reconciliation, balance sheet, and income statement. This will help you to complete your books of records and to issue required tax form-1099.
Hire our outsourced accounting services and update your records in the correct time to enable your business to take the benefit of early tax return filing.
Not only for tax return filing but you can seek our help for scaling your business from midsized to large enterprise. Small scale business is not going to be SMB anymore. Some practical hurdles do not allow a midsized business to become a large enterprise. Some companies cover the distance from startups to big organizations in a very short span of time. What is the secret of their business plan? They grow organically over time. Often some other companies gain growth in the strategic and aggressive process. These all depend on the strategic plan, long-term policy and objective of the organization. So it is important to pay attention and spend some time to frame the fundamentals of your business.
Take the assistance of the experts of Outsourced Bookkeeping for a better outcome in streamlining your business function. The experienced and skilled bookkeeping and accounting service professionals can help you with this.
- Setting up
- Recording real-time bookkeeping as per SLA
- Transferring payment as per individual customer request
- Paying statuary payment and compliance
- Executing interbank transaction
- Reconciliation of the company records
- Implementing US GAAP and following IFRS reporting.
The entire business looks for development and it needs some strategies. We need recorded facts and figures to monitor the actual performance against the professional financial goal. This can only be possible through maintaining a proper bookkeeping record.
While running a business, you cannot trust anybody with closed eyes. So it is better to keep regulation to control things right from the beginning. A well-maintained accounting record can prevent frauds and identify the scams in the organization.