A Discussion about 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. Failure to pay your taxes on time results to the unpaid back taxes and it is not a favorable situation because you will be charged interest on the total amount of tax that you want to pay and you will also end up having a credit report penalties. 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. 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.
It is not unusual to find yourself in a situation whereby you failed to file your taxes on time and therefore you end up filing for them at a later date with or without a specific 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.
When it comes to payroll tax this is the situation whereby tax is levied on the income that is received by individuals depending on the amount of salary that they receive. 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. 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. The above discussion has been able to look into unpaid back tax, late tax filing and payroll tax filing.