It is a duly registered taxpayer’s responsibility to know what taxes they should file and pay and when and where they should file and pay these. Here are some of the reasons why it is important to file and pay your taxes correctly and on time:
It will help you avoid financial and legal consequences.
Failing to file and pay your taxes comes with corresponding penalties and interests which can be more costly than the amount of your taxes. And since tax compliance is a taxpayer’s legal obligation, tax violations can be punishable by law. So, save yourself from additional expenses and unnecessary stress by filing and paying your taxes on time.
It will make you less susceptible to tax audits.
Filing and paying your taxes on time can help you maintain a good relationship and standing with tax authorities. Proper tax compliance will allow you to avoid scrutiny by the Bureau of Internal Revenue and being subject to investigations or audits.
It can help you maintain a good credit score.
It will be easier for you to secure loans and obtain additional funds when the need arises the better the credit score you have. Filing and paying your taxes on time is one good way to maintain and improve your credit score.
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Disclaimer: This article or blog is only for general knowledge and guidance and is not a substitute for an expert opinion. For technical advice, please consult your tax / legal advisor for your specific business concerns. For comments, suggestions, and feedback, feel free to email us at firstname.lastname@example.org
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