How To Be A Good Taxpayer 2021
Updated: Nov 3, 2021
Yes; as silly as it sounds, there are bad taxpayers in this world. Taxes are a necessary evil that we all have to deal with. In order to make sure you're doing everything right, here are some things and traits that a good taxpayer does.
Filing On Time
The most important thing to do is file your taxes on time. There are penalties for filing late, and you may not even be able to get a tax refund if the deadline has passed. Not to mention, serious drawbacks may occur if you don't file such as jail time. Take note that every year the tax filing deadline is typically the 15th of April.
Pay On Time
After filing, it's crucial that you pay your taxes on time if you end up owing Uncle Sam. Not only do you get the lingering stress of knowing that you owe money, you get to avoid the penalties for not paying on time like being slapped with a hefty fine. Additionally, you wont let future refunds slip through your fingers. Any return is initially used to pay any back taxes owing, in part or in whole. Who doesn't want extra money at the end of the tax year?
This one is a no brainer. It's the law. When filing taxes, it's crucial that you report your income accurately and honestly to avoid any penalties or fines for not reporting truthfully. You end up wasting time and money on penalties and fines that you could have spent elsewhere. If you do not submit all of your income, they will find out. Even if you accept unreported cash or check payments, your financial behavior might show red flags regarding unreported revenue, perhaps sparking an audit.
An IRS audit is a thorough examination of your tax returns and financial documents to confirm that you filed everything correctly. It's not worth the risk. An audit is a time-consuming and expensive procedure that requires years of documentation and even in-person interviews.
Not Waiting Too Long To Get Relief
It's simple. If you don't take action to obtain relief, you'll never get it. Think about it. If you're in a hole, the first thing you have to do is stop digging. The same goes for taxes. Take action right away to steer clear of IRS notices and compounded interests. If this seem so apply to you, there are programs dedicated to give relief to those who cannot pay off their tax debt in whole. Already behind? Take the first step in being a good taxpayer and find relief. There's relief program that consolidates many major relief programs into a one-size-fits-all assistance program; The IRS Fresh Start Program. Our clients are referred to our Fresh Start Program in order to avoid bankruptcy, acquire debt relief, and settle their debts in a quick manner. Let us give you a helping hand today!
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