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. 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. The fact that they may not be able to pay the full amount at once, they may request for an installment payment method.
We may find ourselves in situations whereby we forget to file our taxes on time or simply just decide not to file them on time for no apparent reason. 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. 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 guide, we have had the opportunity to discuss the unpaid back tax, late tax filing, and payroll tax filing.