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Tax relief and tax resolution tend to be used interchangeably almost everywhere; but they are not quite the same. Tax relief is a broader term which refers to anything that helps minimize tax liabilities and maximize refunds; it can also include tax resolution. Tax resolution comes into play when a taxpayer has tax problems with the FIRS or the State Revenue Authorities.

Back taxes are taxes owed but were not paid by the regular due date. If left unpaid, they will grow to an enormous debt since they accumulate interest, penalties, and interest on the unpaid penalties on a regular basis.

As the name suggests, you will have to make monthly payments to clear the taxes that you owe within an agreed-upon timeframe. It is worth mentioning that it is always in the taxpayers’ best interest to pay their taxes in full by the deadline because no matter what type of agreement you have with the Revenue Authorities, interest on the unpaid amount will continue to accrue on a regular basis.

This deadline depends on the tax you are remitting

• Companies Income Tax is for filing on or before 30th June every year.
• Personal Income Tax is filed monthly in arrears by the 10^th of the succeeding month.
• Value Added Tax is filed monthly in arrears by the 21^st of the succeeding month

Depreciation and Amortization are both used to determine how much value assets of a business lose over their useful life.

The difference between the two is that depreciation is used for tangible assets such as the business’s computers, desks, vehicles, etc.

On the other hand, amortization is used to account for intangible assets and the most common intangible asset for a business is its brand name or goodwill.