Knowing the Rules Can Help You Handle Your Taxes Comfortably

This is in fact that time of the year when everyone gets a bit worried about their owed income taxes. And, the individuals falling in the hefty income tax paying category include professionals as well as the self employed who have earned decently in the preceding year but failed to pay sufficient quarterly payments. If the problem is exactly what you’re facing then here are some key facts that will surely be helpful in handling the taxes.

 Aspects in income tax payment:

The two most important aspects are filing income tax return and paying it. And, not filing income tax return on time and not paying it. You will be highly surprised to know how the ramifications of these two different aspects can have two different outcomes. For example, even if you can’t pay everything what you awe to income tax department, filing income tax return on time is very necessary as it can save you from paying heavy penalty. However, if you think you are not ready to pay your taxes, filing an income tax return on time can reduce your penalty down to minimal. So, the best thing that you should do to avoid penalty is file your income tax return or request an extension before the last date.