Accounting gives an organized way of filing all the records of financial activities to help in preparation of taxes and also to make sure that the organization has complied with the current tax laws. Organized financial statements aid the bookkeepers in preparing profit, loss statements, having an eye on deductible expenses with an overall check and ensure Company income is equivalent to reported earnings. This has a double advantage of less chance of mistakes that can be fatal when doing taxes and avoiding penalties during tax regimes. Third, accurate record keeping relieves stress and concern resulting from tax legislative changes giving an individual or business entity confidence and support during the operation.
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