We all know that filing your income taxes is required by law. But, did you know that there are benefits of an income tax return aside from the potential tax refund?
The most important benefit of paying taxes and filing your income tax return is that only the income disclosed by you on your return is considered your true income. If you are required to show your income at any place in future, only the amount disclosed in your return would be considered as a valid proof of your income. For example, if you were to get a home loan and did not complete your income tax return you would not be able to show a proof of income. This could cost you the loan.
Therefore, it is highly advisable for all income earning individuals to file their income tax returns before the due date with the Government.
Want to learn more benefits of filing your income tax returns? At Wiley Financial we specialize in many aspects of accounting and can help with these exact situations.