Yetunde Olorunleke, an economist, an ex-banker, an administrator, a business consultant, and a chattered tax practitioner, who is the managing partner of Happy Tax Business Services joins our host to talk about the ABCs of tax.

Most of the challenges that sole proprietorships have are when they have workers who are not educated enough to know that they need to pay taxes through pay as you earn scheme.

Small businesses are divided into two types: limited liability companies and sole proprietorships. To ensure proper bookkeeping, taxpayers should keep proper books and put aside some of the things they need to pay monthly, quarterly, or yearly.

Tax practitioners are supposed to be representatives of both the government and the taxpayer mainly tilted towards the taxpayer. They help determine or plan taxes, file returns, and represent the taxpayer with the tax administrators.