Tax Service Information
What is Tax Service?
Tax service means preparation and consultation of tax returns and tax issues. Tax service includes preparation of all types of tax returns for individual and corporations.
Why is it important to file tax returns?
Internal Revenue Code Section 1 (26 U.S.C. § 1) states:
There is hereby imposed on the taxable income of every individual … who is not a married individual a tax determined in accordance with the following table …
Income tax authorities allow you to self-assess your income and accordingly pay taxes. Many people tend to believe that his/her income tax return is a drop in the ocean for the income tax authorities and hence not declaring income or understating income may well be worth because it saves you a few bucks. Deliberately hiding your income from the income tax authorities, to reduce your tax liability, amounts to tax evasion. Some examples of tax evasion include, not declaring interest received on bank fixed deposits or accepting income in cash and not route it through the official system.