4 Lessons Learned: Accountants

March 3, 2018 | Author: | Posted in Software

A Guide Through unpaid Back Taxes, Late Tax Filing, Payroll Tax Filing

When we fail to pay our taxes on time and we leave them to accumulate over a period of years this is what we call back taxes. When it comes to dealing with unpaid back taxes this is the situation whereby an individual failed to pay his taxes in good time and now they will be obliged to pay them with accrued interest and it will also involve a credit report penalty. We are aware that unpaid back taxes can be a serious issue to the taxpayers who find themselves in such a situation especially those who may not be in a position to pay the lump sum that may have accrued as a result of the interest. The fact that they may not be able to pay the full amount at once, they may request for an installment payment method.

We may find ourselves in situations whereby we forget to file our taxes on time or simply just decide not to file them on time for no apparent reason. Many a time we find ourselves filing our taxes late, we normally do not have good enough reasons as to why we delayed because the date for filing taxes is normally known well in advance so we have enough time to prepare ourselves to ensure that we do not delay to file our taxes on time. An individual should know that late payment of taxes or late filing of taxes does not go unpunished and it comes with a penalty on the total amount of taxes that an individual should pay, therefore the final amount will have increased.

From the word payroll taxes, we can say that it involves the salary of individuals and this is basically the tax that is levied on the salary of individuals depending on how much an individual is earning. The federal government tries to increase its employment rate so that it can also be able to get more revenue in terms of payroll taxes. The individuals who are in the employment sector should ensure that their taxes are filed on time and are not delayed so that they can be able to avoid being on the wrong side of the government. The above discussion has been able to look into unpaid back tax, late tax filing and payroll tax filing.

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