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  What are Back Taxes?

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Nimi123
Junior
Junior


Number of posts : 145
Registration date : 2011-02-01

PostSubject: What are Back Taxes?   Sun Nov 13, 2016 8:57 pm

Back taxes are taxes to a national government owed from previous years. Because they were not paid when they were due, the taxes will also typically incur interest and fines until they are dealt with. It is highly advisable to deal with back taxes as quickly as possible, because many tax agencies have the authority to enforce liens and other actions on you, thereby forcing you to pay your unpaid taxes.

There are a number of reasons for back taxes to accumulate. Some taxpayers, for example, may not realize that they owe taxes, or they may have been given erroneous information. Some taxpayers simply do not file tax forms, while others choose to deliberately evade their taxes. Both individuals and businesses can owe back taxes, and the consequences can be very serious if the taxes are not dealt with.

Thanks

http://www.barretttaxlaw.com

Barrett Tax Law
45 Basaltic Road, Suite 1B
Vaughan, ON
L4K 1G5
(416) 907-8429

Barrett Tax Law - Ottawa
116 Albert Street, Suite 702
Ottawa, ON
K1P 5G3
(613) 667-2419
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