The Key Steps For Proper Tax Management

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Now that you understand what income tax entails and the benefits of managing your payments, it is time to look at the key steps for proper tax management. Looking after your finances doesn’t need to be difficult and time-consuming, but it will require a bit of planning.

Here are the key steps you need to take in order to best manage your income tax.

Know the crucial tax dates and prepare for them

First, it is important to understand when your income tax filings are due. You don’t want to be rushing through the filing process on the final minute and learning the tax dates can help you start planning.

Remember that there are different dates you often need to keep in mind. It is important to make note of all of them and further analyse which are essential for you during a given tax year. Although the actual dates will vary from country to country, the following are a list of the key tax deadlines you should check with your tax authority:

• The tax period – make sure you note the taxation period from start to finish to ensure you calculate the tax correctly.
• Deadline for filing income tax – keep in mind you might have different deadline for online and offline submissions.
• Deadline for filing tax returns.
• Deadline for filing different parts of income tax – in some countries different aspects of the income tax, such as dividends, might need to be filed separately.
• Deadline to seek extension.
• Deadline for paying incomes tax – again, you might have a different
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