In our current economic times, we have come to rely heavily on the virtue and the universal value of money everywhere. Based on that theory, it can be assumed that Man created societies and asked a boon or taxed his fellows for his services in helping society run smoothly and without glitches.
However, with so many basic necessities in life that cost us money, you can often find yourself short of cash or having to do without something. So when tax season rolls around the corner and you are short on cash, here are a few reasons why you should continue on with your aim of filing your tax returns with a professional tax preparation service:
Avoid Being Labeled as a Tax Evader
In today’s day and era, the taxation theory from our history applies in our everyday life as well. Taxes ensure that the Government, society and the infrastructure of a country are secure. Therefore, if even one individual does not pay their taxes owed, they may be labeled as a tax evader. However, people should still file their tax returns so as to avoid being considered as evading taxes. If you have been avoiding taxes, don’t worry, there is a solution for you. Take a look at our tax problem services.
You can file your tax returns and inform or ask the IRS for a time extension if you do not have the cash at the time being. However, if you do not choose to file your tax returns owing to this fact then please know that you might be liable for persecution which can include but is not limited to fine or penalty, seizure of assets and can include a jail sentence in some cases. Time can also be extended in case the paperwork is not ready and all applicants are awarded 6 extra months to their tax returns due dates.
Keep a Good Credit Score
When filing for a loan of any sort, banks and other loan giving institutions tend to check a person’s credit history before advancing them anything. However, if a tax debt is owed due to non-payment or non-filing of tax returns, you can expect it to show up in your credit history. Although, overtime, other bad figures are removed from your records, a tax debt will continue to be visible and mark your credit score until it is paid off.
All taxes paid to the Government are used for the utilization and betterment of the society. Services which you enjoy such as free education, scholarships, better highways, roads and bridges etc. are only possible with the help of the revenue gained through taxes. This yearly bill also allows the Government to create programs like student scholarships and running shelters for the homeless that can provide them with food and clothing.
Choosing to evade taxes because you believe that the Government should create a tax free living environment is quite out of the question once you consider how impossible it would be for the Government to take on the expenses of providing and maintaining these benefits without taxes.
If you require any more information regarding tax returns, tax preparation services and tax debt payments and procedures; please feel free to contact us at 407-344-1012 for more information.