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Every business or private individual generating income or revenue needs to pay taxes to the government. Taxes play an important role in every government. The taxes citizens pay is used in financing public projects such as in infrastructures, health, education, etc.

Paying taxes is truly a good act but as a businessman, you obviously would like to minimise the amount of money you want to spend for your tax payments while abiding the taxation law of your state. In this case, what you need is to have enough knowledge on business tax accounting.

One of the easiest ways to minimise your tax payments is to identify which fiscal year best suits your business. If you would like to learn more about what fiscal year is, check out the video below: