tax and accounting

Tax is the process of calculating and paying a portion of your income or business profits to the government, which funds public services. Accounting involves recording, organizing, and analyzing financial transactions to understand a business’s financial health. It ensures accurate reporting, compliance with laws, and informed decision-making. Think of accounting as the business's financial record-keeping, while taxes are the dues owed based on those records. Together, they help businesses and individuals manage money effectively and legally.