An Overview of Unpaid Back Taxes, Late Tax Filing, Payroll Tax Filing
When we fail to pay our taxes on time and we leave them to accumulate over a period of years this is what we call back taxes. In the event that an individual fails to pay his tax on time, results into a not so favorable situation because you will end up to be charged an interest on the total amount of tax that you did not pay in good time and also you will have a credit report penalty. We are aware that unpaid back taxes can be a serious issue to the taxpayers who find themselves in such a situation especially those who may not be in a position to pay the lump sum that may have accrued as a result of the interest. If they may not be able to pay it in full, they are free to request for installment payment so that they may be able to clear the debt.
We may find ourselves in situations whereby we forget to file our taxes on time or simply just decide not to file them on time for no apparent reason. Most of the times you’ll find that there are no genuine or substantial reasons as to why individuals may file their taxes late because this is an activity that they can delegate in case they find themselves in situations that they are not able to do their own filing. In most circumstances we know that such kind of behavior leads to some form of punishment or penalties so on this occasion we should also expect to be charged some percentage of the penalty due to the late filing of taxes.
From the word payroll taxes, we can say that it involves the salary of individuals and this is basically the tax that is levied on the salary of individuals depending on how much an individual is earning. The government tries to ensure that there is high rate of employment so that it can be able to also acquire increased revenue in terms of the tax that is levied on the individuals who are working. When it comes to payroll tax filing individuals should ensure that they file their taxes on time so that they do not end up having issues with the government as a result of failure of submitting their taxes to the relevant authorities. The above discussion has been able to look into unpaid back tax, late tax filing and payroll tax filing.