|
| |
|
Selling insurance is not like selling most other products. The personal touch is what sets successfu ... - Gary Stuart |
| |
|
Here are some tips to help you save money on your next auto loan. - Carrie Reeder |
| |
|
Coupons can help to save money on your grocery bill. View our twelve tips for maximizing your saving ... - S. L. Simmons |
| |
|
|
| |
|
If you need to establish credit, or rebuild your damaged credit, a secured credit card may be exactl ... - Ed Nailor |
| |
|
Whether you want to pursue debt consolidation in order to make a good financial situation better or ... - Tim Gorman |
| |
|
While it is rather rare that value gurus sell stocks short, Robert Olstein has been selling short in ... - Charlie Tian |
| |
|
For first time homeowners or for those who have never really taken a serious look at their Homeowner ... - Ian W Anderson |
| |
|
Successful stock traders know that crucial to their success is their ability to create their own per ... - John Atkinson |
| |
|
| |
|
|
Here are seven reasons for not being late filing your income tax returns.
1. Avoid Late Filing Penalties
Late filing can result in substantial and continuing penalties. This is in addition to any interest that is due.
2. Receive Better Service from Your Accountant
The earlier you get your paperwork to your accountant, the sooner he can start preparing your tax returns. More importantly, there will be more opportunities to explore and implement tax saving strategies. On the other hand, if you file late, you tie your accountant's hands. For example, he may hesitate to retain profit in your corporation if such profit will be subject to substantial penalties.
3. Avoid Criminal Charges
Of course, if you don't file tax returns at all for a few years, you may also face charges of tax evasion.
4. Prevent Bankruptcy
Generally speaking, persons who don't file tax returns on a timely basis also lack adequate records for managing their business. Since they don't keep their bookkeeping and accounting up-to-date, they only think they know how they're doing and how they stand financially. This, of course, is a recipe for financial disaster.
5. Enjoy Better Relations with Tax Authorities
Late filers also receive the unwanted attention of the taxation departments. Non-compliance can result in audits, aggressive collection action and legal proceedings. In addition, if you ever do have extenuating circumstances that might call for some leniency or extraordinary consideration on the part of the tax department, you are more likely to receive it if you have a flawless history of co-operation and compliance.
6. Obtain Financing
You'll have difficulty obtaining financing if you can't provide your financial institution with current income information. Assessment Notices from taxation authorities give banks more assurance that the income claims you make are true. As well, if you haven't filed your current income tax returns, what hidden tax liabilities exist? What is the state of your record-keeping? How do you run your business without adequate financial information? Your bank may hesitate to loan you money or refinance under these circumstances.
7. Reduce Stress and Worry
Many people who are late filing their tax returns feel guilty about it. At the back of their minds, they worry about taxation authorities contacting them, audits, asset seizures, criminal prosecution, penalties and interest, and so on. Some of these worries can become magnified beyond what the actual situation warrants. Save yourself unnecessary stress by filing your income tax returns on time. |
| Author: Stephen Pope |
| |
Author Bio:
J. Stephen Pope, President of Pope Consulting Inc., has been helping clients to earn maximum business profits for over twenty-five years. For profitable Work at Home Small Business Ideas, visit www.yenommarketinginc.com/ To learn more about domain name profits, visit www.yenommarketinginc.com/domain-names.html |
| This article can be searched using: tax law, tax info, income tax information, free tax information, tax refund information |
|
 |
|
| |
Related Articles |
| |
Equity Line Of Credit
|
| |
Choosing a Secured Loan
|
| |
Instant Online Credit Reports - Why Get a Copy of Your Credit Report
|
| |
Stored Value Cards - A Costly Convenience?
|
| |
Save Money By Getting A Term Life Insurance Quote Online
|
| |
Cash Back Business Credit Cards
|
| |
Secret Credit Report Repair
|
| |
Bad Credit Mortgage Lenders ? Comparing Interest Rates And Mortgage Programs
|
| |
Buying a Car with Bad Credit ? Where to Find a Good Lender
|
| |
Sector Watch: Software Looking Good, Pharmaceuticals (Still) Looking Weak
|
| |
|
|
|
|
