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Taxation and compliance refer to the process of understanding, calculating, and paying the correct amount of taxes to the relevant authorities while adhering to tax laws and regulations. This involves activities like filing tax returns, maintaining accurate financial records, and meeting tax deadlines.

Tax compliance is essential to avoid legal penalties, interest charges, and audits. It ensures that individuals and businesses meet their tax obligations, contribute to public services, and maintain a good reputation with tax authorities. Non-compliance can lead to legal issues and financial liabilities.

The frequency of tax filing depends on the type of tax and local regulations. Income taxes are generally filed annually, while sales tax and payroll taxes may be filed monthly, quarterly, or annually. It is important to check the specific filing requirements for each tax type in your jurisdiction.

Tax compliance involves adhering to tax laws, filing returns accurately, and paying taxes on time. Tax planning, on the other hand, is a proactive approach to managing finances in a way that minimizes tax liabilities legally. Effective tax planning can help businesses save money while staying compliant.