Taxes are very important and should be paid when due. This is true for almost every adult in the United States. Not paying taxes can have grave consequences. Whether they’re employed, have a business, or have a property in their possession, people need to pay the government their obligations.
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But it’s not enough just to pay. People should also be up to date at all times since taxes change. Paying the wrong amount can incur equally ominous penalties, which can range from a hundred dollars to thousands. If people have a business, the US government can close it down. If you’re in the middle of setting up a project such as a commercial building, the US government can halt it mid-development. And that is one of the more lenient consequences. There have been a few instances when even famous people ended up in prison for tax evasion. Many of them never recovered.
It’s very important for people with businesses and properties to hire an accountant or someone who knows his or her way around taxes. He or she needn’t even be a CPA (although those are preferable). Anyone well-versed in accounting will do.
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Michigan-based lawyer and businessman Peter Howe owns Peter Howe & Associates; Howe Office Administration, Inc.; and Howe Homes LLC. For more discussion on business and real estate, check out this website.
