Businesses need to focus on several key areas to ensure tax compliance:
Income Reporting: Accurately reporting all sources of income is fundamental. This includes sales revenue, investment income, and any other sources. Expense Deductions: Proper documentation and reporting of business expenses are necessary to claim legitimate deductions. Payroll Taxes: Compliance with payroll tax regulations, including withholding and remitting employee taxes, is critical. Sales Tax: Businesses must collect and remit sales tax in jurisdictions where they have a tax obligation.