Top 7 Reasons To File Your Income Tax Returns On Time
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...
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