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Before you start your new business, it is important that you understand your company tax responsibilities. Small Business Taxes can be a bit confusing. Meeting with a certified tax professional is the best way to ensure that you will be able to meet your tax obligations. During the year, you need to make sure that you set aside a portion of your profits so that you have enough money to pay your taxes. Meeting with a business tax specialist can also help you clarify any questions you have about company tax deductions. If you know which business expenses you can deduct from your taxes, you can save quite a bit of money which can then be reinvested in your business.

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Responsibilities of Internal Revenue Service?

The Internal Revenue Service (IRS) is responsible for administering and enforcing federal tax laws in the United States. Its key responsibilities include the collection of taxes, processing tax returns, and issuing refunds. The IRS also provides taxpayer assistance, conducts audits, and ensures compliance with tax regulations. Additionally, it plays a role in implementing tax policy changes and educating the public about tax obligations.


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What do you understand by advance tax payment did government provide any special bonus on advance payment of tax-?

Advance tax payment is the type of tax that citizens pay at receipt of their salary, or before the year ends. The government do not give special bonuses on the tax.


What do you understand by advance tax payment did government provide any special bonus on advance payment of tax?

Advance tax payment is paying of tax to the government in advance, before the year ends. The government do not provide special bonuses.


Are you responsible for a previous business taxes when you take over as a new owner?

As a new owner, you typically are not personally responsible for the previous owner's business taxes, as tax liabilities generally remain with the original owner. However, if you purchase the business's assets rather than its stock, you may inherit certain tax responsibilities, particularly if the transaction is not structured properly. It’s essential to conduct thorough due diligence and consult with a tax professional to understand any potential liabilities associated with the business you are acquiring.

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