We are fortunate enough to live in times where we have been introduced with certain rules and regulations. There used to be a time when there were no rules and people did whatever they wanted to do without the fear of being punished, they did not have to give anybody an account of their actions. However, this barbarous lifestyle was converted into a civilized one after the introduction of rules. Now, every person has certain duties which he has to fulfil if he wants to have his rights. One such duty is the duty of giving the set amount of tax which is imposed on him by the law. The record of tax and tax return is kept by the tax accountants. In this article, we will be discussing about the function of tax accountant.
Before directly discussing about tax accounting and tax accountants, let us first understand the term tax itself. Basically, tax is the money that a citizen has to give to his government because of the rights that he takes from the government. The amount of tax is set according to the income of the person, the profit he makes and the assets that he possesses.
Tax accounting can be defined as an accounting of the tax returns an individual has submitted. Taxes that have been provided by a person are checked rather than the financial statement that he has submitted publically. It is checked that whether a person is giving the correct amount of tax which has been set by the government depending upon his income, profits and assets.
Tax accountant and his function:
As the name indicates that tax accountant is the person whose responsibility is to keep a check on the tax accounting department. They are aware about all the rules and laws that have been set by the government on the people. They are aware about the amount of income tax return a person has to pay to the government depending upon his income, profits and assets. Most of the companies and firms hire tax accountants so that they could help them in finding a way to save their money while following the legal terms. Tax accountants give an advice to the company so that they would have to pay lesser amount of tax. It is extremely important for every company to have a personal tax accountant who can solve and guide his customers in tax related matters.
Tax is the money that has to be given by the citizens of the country to the government in return of the legal rights that he attains from the country or government. Tax accountant is the person who helps his client in paying the tax while following all of the legal terms. He advises his customers about the ways through which he would have to pay lesser amount of tax while following all of the legal terms at the same time. Accounting firm like “Venture private advisory” offers the help of most professional tax accountants.