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. 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. When an individual finds himself in the situation of unpaid back taxes it may be a nerve-racking situation for them because they will have to pay the taxes that they were supposed to pay earlier with interest which will have accrued over a period of time, and if they are not in a position to pay this taxes it will be very detrimental to them. The fact that they may not be able to pay the full amount at once, they may request for an installment payment method.
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. 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. In the end late payment of taxes leads to penalties that are levied on the tax that you have failed to pay on time and therefore, we can say that the delay causes extra amount because the amount will have increased in total.
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 government tries to ensure that there is high rate of employment so that it can be able to also acquire increased revenue in terms of the tax that is levied on the individuals who are working. When it comes to payroll tax filing individuals should ensure that they file their taxes on time so that they do not end up having issues with the government as a result of failure of submitting their taxes to the relevant authorities. In this discussion, we have been able to talk about the unpaid back tax, late tax filing, and payroll tax filing.