Why should I pay taxes?
It is the law. Anyone who receives income, resides in the United States and meets certain requirements is required to file a federal tax return and pay taxes owned.
Are there penalties for not paying taxes?
Yes. Non payment of taxes can subject you to civil and criminal penalties.
How does the federal government spend the taxes collected?
Federal taxes supply the funds necessary to meet the nation's budget, and benefits every individual who resides in the United States.
What is taxable income?
Income you receive from wages, self employment, tips, sale of property, etc., is considered taxable income and subject to reporting on income tax forms.
Does my immigration status in this country determine whether I must pay taxes or not?
No. The oblilgation to pay taxes does not depend on your immigration status, but rather, on your income.
Can I obtain assistance in Spanish on filing requirements; who must file and who must pay taxes?
Yes. You may call and obtain information by calling the IRS at 1-800-829-1040 but the easiest way for assistance in Spanish is to contact Advanced Accounting Center, Ltd. by dailing 630-966-9870 or click here to schedule an appointment today.
What rights do I have?
You do have rights when it comes to taxes. Contact Elizabeth Tellez for more information. Click here to schedule an appointment or call 630-966-9870.
What other benefits might be obtained from filing and paying taxes?
- When you file your tax return and pay taxes owed, you are complying with the law, and are benefiting yourself.
- A filed tax return may assist you in establishing the length of time you have resided in the United States.
- Financial institutions may require copies of federal tax returns in transacting purchases of property, automobiles or real estates.
- Educational institutions require copies of federal tax returns when processing financial assistance to taxpayer's children who may qualify for financial assistance for higher education.
What is an ITIN and Who must apply?
An ITIN is a nine-digit number issued by the Internal Revenue Service (IRS) to individuals who are required for U.S Tax purposes to have a taxpayer identification number but who do not have, and are not eligible to obtain an SSN. The ITIN is for Federal tax purposes only.
Any individual who is not eligible to obtain a Social Security Number (SSN) but who must furnish a taxpayer identification number must apply for an ITIN on Form W-7 (Current version).