How to calculate corporate income tax

Every former entrepreneur knows what role in the company's activities is allocated to taxes, as well as how important it is to correctly display all taxes in accounting activities, like all other financial transactions. It is also important to understand that there are also certain dates and fields for them to fill. Unfortunately, not everyone knows how to calculate the profit tax, which is completely inadmissible in the conduct of business. There are certain nuances about which you should know.

How to calculate the corporate income tax ?

To do this correctly, you need to take certain actions. The profit tax should always be reflected in the accounting records, since only in this way can the profits and losses be clearly traced. The correct functioning of the enterprise requires the timely entry of all financial transactions into the required lines. To begin with, the income tax is charged. These calculations in the balance sheet are under the names: "Conditional income / income tax expense." This is done for the purpose of calculating tax amounts. This is the only way to clarify the main aspect of taxation - what profit was received by the company. However, it should be understood that the amount of profit is taken into account only with the deduction of costs incurred in the production of products or services. The amount of tax will depend on the relevant law, prescribed in the tax code. To determine the profit tax , the calculation of which is made, it is important to summarize the reporting period, in this case we are talking about one calendar year. The amount of tax can be determined by reliance on the tax base. It should be said that almost all organizations are subject to income tax deduction. The Tax Code contains a complete list of companies and organizations that are subject to income tax deductions. When submitting reports, as well as with subsequent accounting in the financial sphere, each company or organization must file declarations in a special form, they are represented by absolutely all organizations, and even those that are not obliged to pay tax on profits.

Finding out further how to calculate the tax on profits, it is necessary to say about the need to calculate the amount of net income of the company, and here it is important to exclude the costs of advertising, as well as production of products with its further implementation. At the end, calculate the percentage of the amount received, based on what is written in the tax code. If the accounting department chooses the correct approach for calculation, it will allow it to accurately navigate in figures, which will allow to approach the planning of the budget for the future more rationally. It is important to approach this issue with maximum seriousness, otherwise you can become a victim of rather sad circumstances. The calculation turns out to be correct, if we follow the above theses precisely.

How to calculate income tax in case of liquidation of an organization

If we assume that the organization calculates the monthly advance payment based on the profit that was actually received, then for the reporting period it is a month, two, three, and so on, before the year ends. If the responsible separate subdivision was liquidated in one of the reporting periods, the tax authorities in the territory of the relevant constituent entity of the federation should be notified of this in the manner prescribed in the tax code. The tax authority at the location of the closed separate subdivision transfers documents that relate to the payment of profit tax to the tax authority located where the new responsible unit will be located.

Thus, there is already quite a long time and an exactly established procedure for calculating the profit tax.