Taxes are required payments from citizens to governments. The payments fund projects and expenditures that serve the public interest.
A failure to pay, along with evasion of or resistance to taxation, is punishable by law.
Compliance is either a state of being in accordance with established guidelines or specifications, or the process of becoming so. ... The definition of compliance can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation.
You can substantially reduce your income tax by saving in a 401(K) Plan for retirement, owning a home, itemizing your deductions, and tax credits. For more information about these advantages, call us to set up a free consultation.
You can avoid both of these by filing and paying on time. Even if you owe tax and can't pay in full, it's better to file on time and pay as much as you can. That will eliminate the failure to file penalty and help with interest on the unpaid balance.
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