Prompt filing of taxes is a responsibility of every legal citizen. In most countries, tax filing processes are governed by the law. There are certain rules and responsibilities that every individual should take into consideration in order to have an effective revenue system. Taxes are filed in accordance to a given deadline. Many taxpayers are punctual enough to file their taxes on or before the actual filing deadline because of several reasons; some say that early filing denotes their societal responsibility of paying their fair share while others pay accordingly to receive refunds, to avoid credit accumulation and to avoid breaking the law. If there are punctual tax filers, there are also citizens who fail to file their taxes on time. According to a research conducted by the Internal Revenue Service (IRS) of the U.S., some citizens don't file their taxes accordingly due to change of status like death of a spouse or divorce, emotional and financial problems and solely procrastination.
Even if the deadline is not met, this does not mean that the past taxes do not require filing anymore. The good thing is that past taxes can still be filed regardless of the reason why the deadline was not met. Inquiries about filing delinquent returns can be directed to a tax professional or to the help section of IRS. If it is not possible to pay the tax in full, payment plans are offered by the IRS. These options can be consulted to tax professionals or through the help section of the IRS. However, full payment also saves the individual from incurring interests. The IRS offers several payment options like cash, electronic funds transfer, cashier's check, money order or credit card. Even if there is a problem with insufficient payment, this should not serve as a hindrance for filing past taxes. It is better to file taxes even if it is already late rather than not filing at all. There are several consequences of not filing taxes; a delay in filing can result to a failure to file penalty, it can also cause the elimination of the refund allotted for the citizen, there will also be problems regarding the Earned Income Tax Credit (EITC) and statutes of limitation will also be applied. In addition, the law imposes sanctions to tax evaders.
It is really important to file our taxes no matter what the circumstances are. This shows our fulfilled responsibility to the society; this also contributes to a stronger economy. Filing of taxes also helps us to gain peace of mind. It also ensures the financial stability and the future of the family.