‘File your taxes’ is a common advert! Tax bodies develop tax-filing adverts as well as erect billboards as a way of making the public aware it is time to file taxes. Why should citizens file taxes? What is the importance of filing taxes? You don’t have to wonder anymore. In this article, we are going to discuss the importance of filing taxes.
Sometimes filing taxes can be a stressful exercise. Nevertheless, you have to do it. Otherwise, you might find yourself penalized. Most tax bodies issues a tax filing deadline. You might find some people foregoing filing taxes thinking that the tax body won’t notice or the exercise isn’t important. There are so many reasons, some people don’t file taxes. Unfortunately, the tax body doesn’t accept all the reasons. In fact, very few reasons are acceptable. Below are some of the benefits of filing taxes:
- Avoid penalties and interest
The biggest benefit of filing taxes on time is to prevent penalties that come with not filing taxes or late filing. File your tax returns on time to avoid the heavy penalties and interest. Even though filing tax is a stressful experience, just file your tax returns to avoid hectic situations in future.
- Tax credits
Filing taxes on times comes with tax credit benefits. Yes, you can claim tax credits like disability tax credit, education tax credits, provincial tax credits, working income tax benefits, among others.
It is the right of every citizen to pay taxes. The taxes are what your government uses to develop transportation, education, security, and health amenities, among other things.
Don’t think that not filing the taxes will make them disappear. You will just make the case worse. Not only will the tax body penalizes you for failure to file your tax return on time, but you will also be required to pay all the unpaid taxes.