Top 5 reasons to pay your taxes
by Missy on Feb.19, 2010, under Entries
5. It’s not only incredibly selfish, it’s bad karma not to pay taxes
While I feel this is pretty self-explanatory, it’s worth mentioning. Treat others as you wish to be treated. While you may not like your government/country, does that make it right to steal from them?
4. Not paying taxes carries some pretty harsh penalties
Morality aside, do you REALLY want to pay fines, penalties, have a felony conviction on your record, and possibly go to jail over it?
Assuming you are a single person with no dependents and you make 85,000/year you owe about 14,000. Yes, it’s a nice chunk of change…but if you don’t pay that 14,000 do you know what can happen to you? From here:
– Late Filing Penalties
If you owe tax and don’t file on time, according to IRS regulations, penalties are assessed and added to your bill. Penalties are in addition to BOTH the tax due and the interest on the past due tax. The total late–filing penalty is usually 5% of the tax owed for each month, or part of a month, that your return is late up to five months (25%).If your return is over 60 days late, the minimum penalty for late filing is the smaller of $100 or 100 percent of the tax owed.
– Late Payment Penalties
If you file on time but don’t pay all amounts due on time, you’ll generally have to pay a late payment penalty of one–half of one percent (0.5%) of the actual tax owed for each month, or part of a month, that the tax remains unpaid from the due date, until the tax is paid in full. There is no maximum limit to the failure-to-pay penalty.
Interest Charges
The IRS will charge interest on late or unpaid taxes, regardless of cause. The period covered always begins with the due date of the return, and ends with the receipt of payment by the IRS. You may incur interest expenses for late filing, or simply for making a mathematical error on your tax return.
Generally, interest is charged on any unpaid tax from the due date of the return until the date of payment. The interest rate on unpaid Federal tax is determined and posted every three months. It is the federal short–term interest rate plus 3 percent. Interest is compounded daily.
But that’s not all. In addition to this, there are fines and potential jail sentences if you are caught. They will audit you and tear your finances apart until they are satisfied. The penalties are similar in Canada, albeit a little less cutthroat.
3. The IRS is not someone you want in your life
If there is one thing the tragedy of Joseph Stack has proven, it’s that you really don’t want the IRS in your business day after day, year after year. While his case was extreme, it does happen. If you fall victim to a random audit and you haven’t been paying your taxes, for lack of a better term you’re fucked. Revenue Canada is no better. They will hound you until they get what you owe.
2. Not paying taxes is stealing from your local area
This goes double if you live in a country such as Canada, where your taxes actually go to social programs. When you don’t pay your taxes, you are depriving important services (such as fire and police) funding. You are stealing from schools, parks, roads, and in certain cases (i.e. Canada) health care.
1. You use the things taxes pay for every day of your life
The things listed in #2 are things most people use on a regular basis. You count on the police to keep you safe, firefighters to put out your house if it goes up. You drive on roads, you visit parks, you went to school. Why on earth should everyone pay for that except you? You are not above paying for this. This is especially true, once again, in Canada where your healthcare is paid for by taxes. When you do not pay your taxes, the healthcare system suffers.
What makes you feel so entitled that you should get something for nothing when everyone else has to pay?
March 30th, 2010 on 7:26
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And want to ask you: is this blog your hobby?
P.S. Sorry for my bad english
March 11th, 2010 on 18:24
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