You should pay your taxes on time because it will save you having to fork out penalties to the IRS for late returns. Many think that paying taxes is a waste of money because the taxes are squandered on projects they deem meaningless.
Maybe so, but you are obliged to pay it anyway, regardless of what you think. This is a critical source of revenue for the government and it is used for many vital projects you could not even be aware of.
Penalties for late returns
You could be liable for having to pay extra on what you already owe because your return is late. The longer you wait before you file, the more you will have to pay. Maybe you should apply for a quick loan online for Personal Money Network. They could be there for you in times of trouble, such as the spot you find yourself in now.
You can’t ignore the problem and hope it will go away. It won’t. The penalties will just keep on adding up. Once you get your loan, go straight to the IRS, explain the situation and either pay the amount in full or in installments.
Try and pay it in full, so you don’t worry about paying monthly installments to the loan provider and the IRS.
Become responsible about taxes
You may be the kind of person who does not purposefully get into tight spots regarding finances and the correct handling of it.
You probably forget because you are so wrapped up in whatever business or project you’re involved in, that you have these responsibilities. You could be known as an airhead because your head is mainly in the clouds. Taxes are inevitable. Put post-its regarding the IRS all over your home to remind you of this very important deed!
You could start a debilitating cycle
Well, not only you but all the people like you who don’t file their taxes on time. The government may have to increase taxes because of the shortfall in revenue and this will affect everyone in the country! You don’t want to be responsible for that.
The government needs taxes to upkeep critical areas like security, healthcare, defense, and education. So now you realize the importance of paying your taxes! It’s not for fancy projects, even though some could fall into this ambit.
Get the advice of specialists
There are tax specialists that will help you with your tax return and file it for you. This can all be done online in some simple steps.
If you have been avoiding doing your tax return because you are unsure how to fill in the return form, then head straight for one of these specialists. Google them and you will find they are everywhere. They all perform much the same kind of job, so you can choose anyone.
You could be due a refund
By not filing your tax returns, not only for the current tax year but for previous ones, means that you will lose all refunds that could be owing to you.
The IRS will first deduct what is owing to them plus penalties before you could see anything. Well, after all that, you mightn’t see anything at all and will probably owe more in taxes, but at least you have done the right thing. Keep a copy of your return. This is proof you have filed. Returns go astray if they haven’t been filed online, which is purely due to human error.