Every experienced entrepreneur knows what role taxes play in the company’s activities, as well as how important it is to correctly display all taxes in accounting activities, as well as all other financial transactions. It is important to understand that for them, too, there are certain dates and fields for filling. Unfortunately, not everyone knows how to calculate income tax, which is completely unacceptable in the conduct of business. There are certain nuances that are worth knowing about.
How to calculate the corporate income tax ?
To do this correctly, certain actions must be performed. Income tax should always be shown in accounting, since only in this way can profits and losses be clearly traced. The proper functioning of the enterprise requires the timely entry of all financial transactions in the required lines. To begin with, income tax is charged. These calculations in the balance sheet are under the following names: “Contingent income / expense for income tax”. This is done in order to calculate tax amounts. Only in this way can the main aspect of taxation be clarified - what profit was received by the company. However, it should be understood that the amount of profit is taken into account only minus the costs incurred in the production of products or services. The amount of tax will depend on the relevant law prescribed in the tax code. To determine the income tax that is being calculated , it is important to summarize the reporting period, in this case we are talking about one calendar year. The amount of tax can be determined by relying on the tax base. It is worth mentioning that almost all organizations are deductible for income tax. The Tax Code contains a complete list of companies and organizations that are subject to income tax deductions. When submitting reports, as well as with subsequent accounting in the financial sphere, each company or organization must submit declarations in a special form, they are submitted by absolutely all organizations, and even those that are not required to pay income tax.
Understanding further on the question of how to calculate income tax, it is worth saying about the need to calculate the amount of the company's net income, and it is important to exclude advertising costs, as well as the production of products with its further sale. At the end, calculate the percentage of the amount received, based on what is prescribed in the tax code. If bookkeeping chooses the right approach for calculating, then this will allow it to accurately navigate in numbers, which will allow it to approach budget planning for the future more rationally. It is important to approach this issue with the utmost seriousness, otherwise you can become a victim of quite sad circumstances. The calculation will turn out to be true, if you precisely follow the stated theses.
How to calculate income tax in case of liquidation of the organization
If we assume that the organization calculates the monthly advance payment based on the profit that was actually received, then the reporting period is one, two, three, and so on, before the year ends. If the responsible separate unit was liquidated in one of the reporting periods, the tax authorities in the territory of the corresponding subject of the federation must be notified about this in the manner prescribed in the tax code. The tax authority at the location of the closed separate division transfers documents related to the payment of income tax to the tax authority located where the new responsible division will be located.
Thus, there is already a fairly long and precisely established procedure for how to calculate income tax.