23/06/2025
A business pays tax on its net income which is the money left after subtracting all allowable expenses from the total revenue đź’°
You do not pay tax on every dollar that comes in. Instead, you pay tax only on your profit which is what remains after covering costs like rent, salaries, supplies, and other business expenses 📉
Keeping accurate records of income and expenses is very important to calculate your taxable income correctly and stay compliant with tax laws âś…
Understanding what income is taxable helps you plan better and avoid surprises when tax time comes! 📊💡