filing a tax return Archives

As we know, taxes are the contribution from a business towards the government treasures. The government uses the amount collected from taxes in available facilities to the residences and development of the country. The USA government generates a large amount of revenue from taxes. For instance, it is $3.71 trillion is the estimated revenue from taxes to be generated this fiscal year. No doubt, taxes are the main source of revenue for a government, but it is an expense for a business as well as for a salaried individual. They spend thousands of dollars to pay tax on their income and gives a part of their income as a tax to the government. Also, it disturbs the overall budget of a business by increasing its expenses. There is a variety of ways in which you can save your tax amount legally...

If you have filed for a tax extension, then you are not alone. The pandemic and the historic economic contraction has probably pushed even the most secure taxpayers to consider asking the IRS for options. With the public scrambling for survival and employment change strategies, tax filing would not be on the top of anyone's priorities. The IRS has already relaxed the date to July 15, but if things are not looking up for you or your business, then the October 15 deadline serves as a worthy option. But what could be the worst punishment for missing the final date to file? Experts have weighed in on the possible repercussions. The factors could be even remotely related to current crises. It could be a change in business or financial structure changes in your business. But they have burnt t...

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Effects of not filing a tax return