Home     About Us    Contact Us     Contribute     Privacy
Investing
Stocks
Bonds
Mutual Funds
Biz
Credit
Career
College
Economics
Tax
More
 
 
Marketplace
Related Articles
More
Related Definitions
Related Categories
Tip of the Day

Tip of the Day Get a Professional Certificate

Get a Professional Certificate - When you decide which profession you wish to enter, you should check first to see if your chosen field offers a certificate. If it does...

read entire tip

Related Podcasts
Recently Added
Other Great Sites
 

Filing Past Taxes

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.

Discuss It!

buy essay said:

Filing tax form could have some difficulties for the general public. There are many people who do not know how to get the appropriate tax filling form. Due to errors during the filling tax, many investors have to pay extra money for the delay payment.

Most Popular Articles
Most Popular Definitions
 
Daily Definition

Definition of the Day Black Tuesday

Black Tuesday - Black Tuesday took place on October 29 in the year 1929 and was probably the most famous stock market crash ever to be remembered in stock market history. On this day, the stock market's stocks lost 13 percent of their value and...

read entire definition

 
 

 

 

Home     About Us    Contact Us     Contribute     Sitemap

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Copyright © 2009 TeenAnalyst.com