Annual Tax filing - Do you save it in advance?

Nova

Active member
Most of the people realize that during the tax filing they don't have the money in their bank account. And they kind of get frustrated to pay the taxes. Something that they need to be planned about it in advance. I think a large percentage of the business owners, freelancers and the solo people tend to have some of such issues. And that means they have to plan for their tax payments too. I wonder how the people plan their tax filing and also have the money in their bank account during the payment of the taxes.

I think a lot of times we have to plan the tax filing in advance. And we have to take the process thinking properly. I think some of the time planning such tax payment always helps out. Not just during the tax payment but also during the holding the money in the account in such way that it can help pay some bills for upcoming months too. So this sort of planning helps out.

If you are business owner do you save it in advance before filing the taxes?
 

Alexandoy

VIP Contributor
Our revenue system here has a changed policy before the new millennium. Instead of the system that we inherited from the IRS of the US we are now taxing based on gross. For an employee the monthly tax is already deducted from the salary so at the end of the year there is no more payment unless there is an irregularity in the monthly salary. For businesses we are required to file with the revenue office the tax declaration for 3 months with the payment. At the end of the year there would be an adjustment, to be paid or to be refunded.
 
Top