Every year, the most dreaded time is the tax season. Business owners are always tempted to claim almost every expense as deduction and every income as exclusion. It’s risky, right? Other entrepreneurs take matters to themselves, even if they’re inexperienced with regards to dealing with tax matters. Be careful, you might wake up in front of the prying eyes of the IRAS. Aside from acquiring some Accounting or Bookkeeping services in Singapore, what else can we do to have a worry-free tax season? Let’s take a look at some suggestions.
- Hire a professional
Let’s get one thing straight, you’ll always need a professional to deal with your tax. The best you can do is to hire a Chartered Accountant (CA). CAs are accountants who passed a five-days national certification exam so you are assured of their competency. You can find CAs in accounting firms in Singapore, or through referrals from other business owners or through job postings.
Professionals can help you strategize your business plans so you will end up with the lowest tax possible (legally, of course). They can discuss with you relevant tax laws that will help you save money on deductions and tax refunds. They can take a look at your financial statements and tax returns to ensure they are accurate. If you hire a skilled accountant, your worries about the tax season will be minimized at their lowest levels!
- Get organized
Good tax returns start with accurate books and complete documentations. The more orderly you had been in keeping your supporting documents and in your record-keeping, the easier it is to produce a tax report. Throughout the year, you should be able to employ good internal controls which are updated every time a loophole is seen.
Some owners are not good at doing things manually so they ought to purchase accounting software like Xero accounting. Files are kept in cloud storage so you’ll never have to worry of losing them. Should you want to keep things physically, it’s better to keep each and every document in storage that are properly labeled.
- Be honest
When it comes to tax reporting, there can never be any advice that is better. Be truthful and you’ll worry less about being cited by tax authorities.
Sure there’s a lot of things to do during the tax season and the advices above will just minimize (and not eliminate) your worries. Just remember, you don’t have to do it all alone, you can find and acquire accounting services in Singapore.