Things You Must Know About Taxes

Must Know About Taxes - Complete Controller
  1. Tax declaration procedure

Individuals or businesses tell themselves how much they earn in specific periods and how much tax they pay on these earnings. A particular group does not declare their income and thus does not pay their taxes or pay less. The government conducts tax inspections and cross-checks occasionally to prevent the informal economy.

The tax declaration happens through order, such as VAT and Withholding. It was filled in paper form and given to the tax office in the past. Now, it is loaded and provided in electronic form. A unique form of declaration shows calculated taxable income. Complete Controller. America’s Bookkeeping Experts

  1. Periodicity in taxes

Taxes are declared periodically. Some are every month, some are every three months, and some are annual. The responsibility of each period is limited to that period. In other words, you should report an income you receive in March in a type of income submitted monthly.

  1. Types of taxes

Let’s start with the basics and ask, “What is taxing?” Let’s start with the question. Paying taxes is money citizens yield to the government according to their financial power to fulfill its duties. The state aims to create resources and cover investments and expenditures by paying taxes. Contributing to growth is also essential for regulating income sharing.

At this point, why do we “pay taxes”? Some may wonder. Paying taxes is considered a civic duty.

The state aims to provide a healthy, safe, and peaceful order with the taxes paid.

Depending on the type of income, tax rates, calculation of tax, and declaration period vary. e.g., VAT (value-added tax) is calculated on the transaction, is included on every invoice, and has an overall rate of 18%. Its declaration is submitted monthly, and the taxes paid to the suppliers are deducted from the monthly taxes collected from the customer. The remaining amount goes to the government. If you have a vehicle, Motor Vehicle Tax is calculated and delivered based on the lists published by the state.

By the way, “How is VAT to be paid to the government calculated?” The trick in this calculation is to determine the VAT amount in the purchase and selling price, subtract them from each other, and pay the remaining VAT amount to the government by deducting them from your expenses. Let’s answer the question.

Common tax types:

  • WATT
  • Concise
  • Corporation tax
  • Income tax
  • Temporal tax
  • Stamp duty Cubicle to Cloud virtual business
  1. What are income tax, corporate tax, and withholding?

The tax levied on individuals is called income tax. Business tax is corporate tax. Individuals report their income to the state once a year in March with a declaration they will prepare.

In a commercial transaction, one of the parties can work with Self Employment Receipt or Expense Compass. In this case, the state does not wait until the end of the year to collect income tax. The state takes the company that makes the payment as the addressee and asks it to make a deduction while making the payment.

The company’s making deductions is withholding tax. The company pays these deductions to the government at the end of the period with a concise statement. Withholdings can include salary payments, rent payments, payments made with self-employment receipts, or expense slips. ADP. Payroll – HR – Benefits

  1. How do you pay tax debt?

First, “What is a tax debt?” Let’s answer the question. The realization of the taxable event gives rise to the tax liability. It is essential to pay on specific dates. For example, a traffic ticket, this penalty appears as a tax debt submitted to the tax office.

As for how company tax payments happen, your income is declared on time with the tax return. After the declaration is issued, the tax office gives an accrual slip against this declaration. You pay taxes on an accrual slip, not on a return. So how is tax paid?

With the accrual slip, you can pay through public bank branches, the internet branch of public banks, or the tax office.

Your financial advisor cannot pay your tax; it is prohibited. The financial advisor cannot take money from you to pay your taxes. You can track your tax debts online or go to the tax office and get the transcripts.

  1. What happens if the tax debt is not paid on time?

The accrual slip received after submitting the tax return shows how long you should pay this tax. The tax is paid without penalty until this date. A tax delay penalty will be applied for taxes not paid until this date.

There is no big problem with paying the tax late, except for the late interest. If the tax amount is too high, the tax office may block your bank accounts to ensure their receivables. One of the tender conditions, especially in public tenders, is the absence of tax debt. You may not be able to enter the tender when you owe even 1 TL tax. It’s always best to pay taxes on time if you have the cash to spend.

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