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Preparation and Planning for Partnerships taxes follows certain Requirements

  • Professional Accountancy

    Engaging professional accountancy officers who may help make proper minimization of the taxable incomes that may be charged to an individual.

  • Business Operations

    Incurring travel and insurance expenses for purposes of the business operations. In this case insurance may be taken for purposes of workmen’s compensation, theft and burglary, liability or even fire insurance that may help protect the business in case there arises any perils. This at the end is deductible on the business income before profits/losses distribution.

  • Entertainment Expenses

    Entertainment expenses and meals for entertaining the business guests.
  • Compensations

    Compensations to self and other employees together with any other benefits that may arise.
  • Seasonal Gifts

    Seasonal gifts that may be given to employees and even customers for purposes of motivation or retention of customers.

  • Business Transactions

    Motor-vehicles expenses incurred for operation of vehicles in and around the business or away from the business for the purposes of the business transactions.

  • Tax Regulations

    Incorporation of the partnership may also help lower its tax liability because they may be subjected to certain or various tax regulations in this case that will help significantly lower liability.

  • Tax Burden

    Individual partners may decide to make contributions to charitable trusts and other NPO’s to help lower their tax burden. This is because all this shall be eventually deducted.

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Benefits of Tax Planning to Partnerships

  • It helps members of a partnership to be able to know their individual liabilities in terms of taxes and plan on payment strategies
  • helps in saving or lowering of costs that may be incurred as a result of taxes through maximizing the availability of any or all tax advantages availed by the tax laws such as deductions and exempts
  • guides members to be able to make good decisions that may be in consistent to the tax laws
  • It assists the members of the partnership be able to calculate their tax refunds on the excess paid in taxes
  • It reminds the partnership members be able to meet the tax deadlines set

Get tax planning consultation for your Partnership Firm

Just get in touch for free consultation now

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