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Tag Archives: tax penalty and interest

Guide and Advice to Deal With Late Filing of Tax Returns

The following is a guest post. If you would like to submit a guest post, please contact me.  Tax return filing is truly vital. However, to file a return, one must have knowledge of whether they need to file or not. There is no direct answer to this question. The answer would entirely depend on the amount of income you earn annually. If you are earning a certain limit, then you may be required to pay tax. If your income falls below the threshold level, then you may be exempted from filing a tax return. Here is an example that would help an individual with understanding the concept. In the year 2009, if a person was earning equal to 400 dollars or above by self-employment, then the individual is eligible to file a tax return. The figure or threshold limit of income is different for those who are employees. They are subject to change every year. Why to File a Tax Return? It is indeed crucial to know the reasons why filing a return is essential. First and foremost the reason is that one would be liable to pay penalty or interest if they fail to file  a tax return. ...

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