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Installment tax is income tax paid in advance. Income tax is an annual tax, however, businesses are required by law to pay this tax in advance in four equal installments for normal business and two installments for farming business. Calculation of installment tax is based on the lesser of the amount specified in the preceding…

Accounting is part and parcel of every successful business. A business that desires to grow must commit to account for its revenue and expenses to have a clear picture of their performance and if they are achieving the business objectives or not. Accounting is of crucial importance to correct preparation and submission of tax accounts,…

Rental income tax is a tax payable on income from rental property (both commercial and residential rental income). Two regimes of accounting for rental income took effect in January 2016. One is the monthly rental return and the other is the yearly income return. The monthly rental return is for residential rental income with turnover…

Audit is a very important undertaking for businesses and organizations as it helps to ensure the financial documents are accurate and reflect a fair and true position. Indeed audit helps points to aspects of an organization that needs improvements, areas of concern and compliance with relevant statutes ensuring the operations runs smoothly and better profitability. …

After getting QuickBooks, you need to set it up and have it ready for use. You need to set the basics right for ease of use. This post covers the steps you’ll need to follow and the best practices of using this popular accounting software. How to set up QuickBooks for use Here’s the step-by-step…

Payroll processing is a vital element for every business operation today. It is often complex andcan turn into a nightmare if not done correctly. When it comes to processing payroll, businesses should invest in payroll software to reduce thetime spent by human resource managers preparing payroll. It is important to look for softwarethat meets your business…