Importance of income tax filings

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andrea0 wrote on : Tue May 07th,2019 Back to Article

This is an interesting blog or me,

Reply : infotaxsquare.com

The importance of filing income tax on time and claiming right credits and deduction to reduce the tax liabilities?

Reporting earned and unearned income to the respective agencies are important to file on time to avoid bringing you in a dead end where you have no choice without paying penalties and interest in addition to the taxes based on the income.

Deduction reduces the income and a credit reduces liability. It is important for a taxpayer to list all credits and deductions to apply correctly to limit the income tax liability.

What happens, if you do not file the income tax on time?

The IRS and the state keep adding interest and penalties until all the liabilities are completely wiped off.
A tax lien will be imposed and the bank account will be ceased, and it will not be removed or lifted from the financial institutions until the pending dues are fully paid.
Any further refund will be adjusted against the pending liabilities.

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