Paying Taxes Is Your Responsibility

As a citizen, you have duties and responsibilities that you need to do in order to help your country; one of which is paying your taxes.

This is mandated by law because the amount collected from taxes is what the government will use in order to answer the needs of the people when it comes to education, health services, infrastructures and more.

However, there are people who either refuse to pay their taxes, or they just cannot pay on time. The Internal Revenue Service (IRS) on the other hand imposes sanctions to those who fail to pay their taxes. Here are some of the severe penalties imposed by the IRS:

● Have you pay for the interest. They may let you pay the penalty plus interest determined by federal short term rate for a total of 4% to 6%.

● Give up your social security that you may not able to receive insurance benefits when you retire.

● Seize your property through putting interest in your assets such as your home, car, and other properties.

● Close down your business by having you declare bankruptcy for not paying your taxes.

However, closing down you business is not the end of your tax payments, because the time you open your business again, the IRS will resume collecting your pending taxes.

● Put you in jail. Even if this is an unusual penalty, this is still possible. The IRS will be able to pursue a jail sentence to you when they happen to know that you cheat on your taxes such as hiding a lot of income from the them and some evidence of wrongdoing.

Be a Good Taxpayer

Resolving your issues with the IRS can even be made easier through the existing technologies we have nowadays.

FSI-DIY (Fresh Start Initiative-Do It Yourself) is an application initiative from Torchbearer Software which is made to help people overcome the struggles of IRS debts and give them IRS tax relief. They have a free qualifier tool to know if you can qualify for the Fresh Start Initiative so you can use the app. Check it out by visiting www.fsi-diy.com.