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| Tax Filing and Planning |
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Tax planning should be done in advance of the tax deadlines so that all tax obligations are met and interest and penalties are avoided. Adequate planning will also avoid overpayments which turn out to be interest free loans to governmental agencies. The first step in booking proper tax accruals or making tax payments is to have up to date financial statements. Overpayments and underpayments are often the results of inadequate record keeping. Filing on time also mean quicker tax refunds.
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