Corporate tax calculator is designed for companies to compute, on their own, the amount of taxes they have to pay. It is also used by companies to prepare their tax computations and tax schedules when filing their taxes. A corporate tax calculator can help you estimate your corporate tax liabilities, but corporate tax calculations can be complex.
However, there is no simple corporate tax calculator that can do this for you. Instead, most businesses use their accountants to prepare accounts, calculate taxable profits and file the corporate tax return. A good accountant will help minimize your corporate tax liability by ensuring you claim all the reliefs and allowances you are entitled to.
Corporate Tax Calculation
Corporate tax calculations are based on the profits shown in your own financial accounts. These then need to be adjusted to take account of how corporate tax reliefs and allowances are handled for tax purposes. For example, your taxable profits will be calculated using capital allowances rather than depreciation on assets such as machinery, and without deducting any non-allowable expenses such as entertainment.
Estimated Corporate Taxes Calculation
Many small business owners must pay estimated taxes on the profit from their business, because they are not employees and they don't have payroll tax deductions for income taxes and for Social Security/Medicare. So, how do you know how much to pay in estimated taxes? The first thing to remember is that, if you are paying your business taxes based on your income, you must consider all of your business and personal income in the calculation.
Information Needed for Corporate Tax Calculation
1. An estimate of business income for the tax year. You can use your income from previous years, or take your income up to the current date and estimate income for the rest of the year.
2. An estimate of business expenses for the year, using previous years as a guideline or using year-to-date expenses and projecting them through the end of the year.
3. As your estimated taxes depend on your personal tax situation, you will need to include personal income, deductions, credits, exemptions, and any withholding of income taxes from your personal income.
Contact Us
If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website english.tannet-group.com, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020,Dongmen Rd South, Luohu, Shenzhen, China.
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