Top 7 Reasons To File Your Income Tax Returns On Time Here are seven reasons for not being late filing your income tax returns. 1. Avoid Late Filing Penalties Late filing can result in substantial and continuing penalties. This is in addition to any interest that is due. 2. Receive Better Service from Your Accountant The earlier you get your paperwork to your accountant, the sooner he can start preparing your tax returns. More importantly, there will be more opportunities to explore and implement tax saving strategies. On the other hand, if you file late, you tie your accountant's hands. For example, he may hesitate to retain profit in your corporation if such profit will be subject to substantial penalties. 3. Avoid Criminal Charges Of course, if you don't file tax returns at all for a few years, you may also face charges of tax evasion. 4. Prevent Bankruptcy Generally speaking, persons who don't file tax returns on a timely basis also lack adequate records for managing their business. Since they don't keep their bookkeeping and accounting up-to-date, they only think they know how they're doing and how they stand financially. This, of course, is a recipe for financial disaster. 5. Enjoy Better Relations with Tax Authorities Late filers also receive the unwanted attention of the taxation departments. Non-compliance can result in audits, aggressive collection action and legal proceedings. In addition, if you ever do have extenuating circumstances that might call for some leniency or extraordinary consideration on the part of the tax department, you are more likely to receive it if you have a flawless history of co-operation and compliance. 6. Obtain Financing You'll have difficulty obtaining financing if you can't provide your financial institution with current income information. Assessment Notices from taxation authorities give banks more assurance that the income claims you make are true. As well, if you haven't filed your current income tax returns, what hidden tax liabilities exist? What is the state of your record-keeping? How do you run your business without adequate financial information? Your bank may hesitate to loan you money or refinance under these circumstances. 7. Reduce Stress and Worry Many people who are late filing their tax returns feel guilty about it. At the back of their minds, they worry about taxation authorities contacting them, audits, asset seizures, criminal prosecution, penalties and interest, and so on. Some of these worries can become magnified beyond what the actual situation warrants. Save yourself unnecessary stress by filing your income tax returns on time. J. Stephen Pope, President of Pope Consulting Inc., has been helping clients to earn maximum business profits for over twenty-five years. For profitable Work at Home Small Business Ideas, visit http://www.yenommarketinginc.com/ . To learn how to reduce your income taxes, visit http://www.yenommarketinginc.com/income-taxes.html . Tax  Net Inc, the parent company of “the Home Based Tax Preparer”, has developed a system where qualified professionals can work at home and provide better service at a lower price to the consumer. Tax Net Inc and all the divisions are proud members of the Better Business Bureau of Denver/Boulder, Colorado.    There are three divisions of the Home Based Tax Preparer. CPA Moms/Dads Tax Moms/Mr Tax Moms Next Day Tax Cash  Regulatory and Disclosure Information for the following web sites: www.cpamoms.com www.cpadads.com www.taxmoms.com www.asktaxmoms.com www.askcpamoms.com www.nextdaytaxcash.com We do not render or offer to render personalized investment advice, financial planning advice, tax planning, or tax preparation through this medium. This medium is limited to providing you with general information about services and provides a way for you to contact us. The information in this web-site is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, and does not purport to be complete and is not intended as the primary basis for investment or tax decisions. It should also not be construed as advice meeting the particular investment needs of any investor.  Any tax information communicated, shared, faxed or emailed to Tax Net Inc or any of their divisions is held in strict confidentiality.   This information is not used, sold or shared with any other business entity or individuals.