Finding Parallels Between Businesses and Life

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

Back taxes are levies that were not paid when they were supposed to be paid and they normally were required to be paid in the previous years. In the event that an individual fails to pay his tax on time, results into a not so favorable situation because you will end up to be charged an interest on the total amount of tax that you did not pay in good time and also you will have a credit report penalty. Unpaid back taxes is a very devastating situation that an individual can find themselves in, and this is because, the amount of money that will be required will be inclusive of the interest that will have been charged on the total amount that was earlier required, therefore, if you are not in a situation to be able to pay this sum in lump sum it will end up to be a very disastrous situation. If they may not be able to pay it in full, they are free to request for installment payment so that they may be able to clear the debt.

There are times that individuals find themselves in situations where they have failed to file their taxes in good time and therefore the deadline has passed and at times they may be genuine reasons behind it and other times it may just be excused. Most of the times you’ll find that there are no genuine or substantial reasons as to why individuals may file their taxes late because this is an activity that they can delegate in case they find themselves in situations that they are not able to do their own filing. In most circumstances we know that such kind of behavior leads to some form of punishment or penalties so on this occasion we should also expect to be charged some percentage of the penalty due to the late filing of taxes.

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. We all have an obligation to ensure that our taxes are filed on time, and this is inclusive of all individuals whether it is nil returns or they are payroll taxes and this is important because failure to this would lead to other penalties that may not be of benefit to the individual. In this guide, we have had the opportunity to discuss the unpaid back tax, late tax filing, and payroll tax filing.

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