TS Synergy Consultancy Ltd

Common Taxation Mistakes! Paying tax as a business owner is very important, and avoiding these mistakes will save you time and money and also legal trouble. As they say, prevention is better than cure. 1. Neglecting Proper Record-Keeping Mistake: Many business owners fail to keep accurate and detailed records. Poor record-keeping can lead to missed deductions, inaccurate tax filings, and even audits. Solution: Set up a system to track every financial transaction. Use accounting software to automate record-keeping, categorise expenses, and keep your documents organised. Regularly review and update records, ideally monthly, to ensure accuracy. 2. Misclassifying Employees as Independent Contractors Mistake: Misclassifying employees as contractors (or vice versa) can lead to penalties, as different tax rules apply to each category. Solution: Familiarize yourself with IRS guidelines for determining employee vs. contractor status. For employees, payroll taxes are required, while independent contractors handle their own tax obligations. Consulting a tax professional can help clarify these distinctions. 3. Overlooking Eligible Tax Deductions Mistake: Business owners often miss deductions that could significantly reduce taxable income, like home office expenses, travel, and professional fees. Solution: Keep detailed records of all business-related expenses and consult a tax advisor to identify deductible items. Common deductions include office supplies, marketing costs, and employee benefits. Always keep receipts and document the purpose of each expense. 4. Failing to Separate Personal and Business Finances Mistake: Mixing personal and business expenses can make it challenging to track finances and increase the risk of inaccurate tax reporting. Solution: Open a separate business bank account and credit card. Using these for all business-related transactions ensures clean records and makes it easier to claim deductions and manage finances. 5. Missing Tax Filing Deadlines Mistake: Missing filing deadlines can lead to late fees, interest charges, and penalties that add up quickly. Solution: Mark tax filing deadlines on your calendar and set reminders well in advance. Consider scheduling quarterly reviews to make estimated tax payments, which reduce the burden of one big annual payment. A tax advisor can help you stay compliant and avoid surprises. As a financial consultant, I’m here to help business owners avoid these pitfalls and stay tax-compliant. If you're ready to take the stress out of tax season, reach out to discuss how we can work together to keep your business on track. #TaxTips #BusinessFinance #SmallBusiness #TaxCompliance #TaxPlanning #tssynergyconsult.

Welcome to November! As we step into a fresh month, may this be a time of growth, new beginnings, and endless opportunities As the year gradually ends with just one month left, keep chasing your dreams and embrace every challenge as a chance to shine brighter. Remember, each day is a new page in your story, so write it with purpose and positivity.

The current economy calls for the need for adequate planning for your finances for personal use and most especially for your business. In this article, we talked about the essentials of financial planning and the category of people who can do financial planning.

Understanding Financial Statements: A Key to Business Growth Swipe through to learn about the core financial documents every business owner should know! Financial statements are the foundation for making smart, data-driven decisions, from tracking your profitability to ensuring investor trust. Ready to take control of your business's financial health? Here's what you'll discover: * What Financial Statements Are * Why They're Critical for Growth * Key Insights You Can't Afford to Miss Want to dive deeper into your business's financials? Drop your thoughts in the comments or DM us for a free consultation! #tssynergy #tssynergyconsult #finance #financialfreedom #financetips

Happy Independence Day, Nigeria! Today, we’re celebrating resilience and growth and looking forward to a brighter future. At TS Synergy, we look forward to a better and wealthier economy for Nigeria. #tssynergy #celebratingnigeria #independenceday

The month is ending today, and we are entering the last quarter of the year tomorrow and a new month, which signifies a fresh start and a fresh opportunity to grow, learn, and get closer to your goals! At TS Synergy, we believe success is not just about working hard but working smart. Remember, every small, smart financial decision you make today can pave the way for greater financial freedom and business success tomorrow. This week, challenge yourself to take control of your finances: 📝 Revisit your budget 💸 Review your savings and investments 📊 Optimise your business strategy 💼 Get on top of your taxes and compliance Whether you’re a business owner or an individual, staying informed and proactive with your finances is key to unlocking a future of comfort and security. Our team is here to provide the support you need—financial advisory, tax consultation, accounting services, and more. Let’s work together to make every financial move count. One step at a time, you can multiply your money, grow your business, and live the life you deserve. Are you ready to take charge? Please contact us at Ts Synergy today for financial and business advisory tailored to you. Let’s make this week your stepping stone towards financial freedom! #FinancialSuccess #BusinessGrowth #NewWeekNewGoals #FinancialFreedom #TSsynergy #MoneyMatters #AccountingServices #TaxConsulting #BusinessAdvisory

It's another episode of The Financial Health Show! Today, we’re discussing: Budgeting 💡. Whether you're saving for a goal, managing expenses, or just looking to stay on top of your finances, a solid budget is key. Watch as our guest today explains how budgeting has helped her and the simple ways with which you can start budgeting.  Remember, the journey to financial freedom starts with a step, and taking these steps individually will take you to your destination. The goal is to make every naira count! 💰✨ Watch, enjoy and repost for others to see Follow Ts Synergy for more #FinancialFreedom #BudgetingBasics #SmartMoneyMoves #TheFinancialHealthShow #Savings #WealthManagement #MoneyMatters"

It's another episode of The Financial Health Show! Today, we’re discussing: Budgeting 💡. Whether you're saving for a goal, managing expenses, or just looking to stay on top of your finances, a solid budget is key. Watch as our guest today explains how budgeting has helped her and the simple ways with which you can start budgeting.  Remember, the journey to financial freedom starts with a step, and taking these steps individually will take you to your destination. The goal is to make every naira count! 💰✨ Watch, enjoy and repost for others to see Follow Ts Synergy for more #FinancialFreedom #BudgetingBasics #SmartMoneyMoves #TheFinancialHealthShow #Savings #WealthManagement #MoneyMatters"

Celebrating people and giving them their flowers is key. That is why we are throwing it back to how we celebrated our CEO earlier this month. He deserves all the celebrations. Watch and enjoy. 😍😍😍 #throwbackthursday#celebratingourceo#