International Accounting Service

Benefits of Filing a Tax Return

Get money back

In some cases, you may get money back when you file your tax return. For example, if your employer withheld taxes from your paycheck, you may be owed a refund when you file your taxes.

Avoid interest and penalties

You may avoid interest and penalties by filing an accurate tax return on time and paying any tax you owe in the right way before the deadline. Even if you can't pay, you should file on time or request an extension to avoid owing more money.

Protect your credit

You may avoid having a lien placed against you when you file an accurate tax return on time and pay any tax you owe in the right way before the deadline. Liens can damage your credit score and make it harder for you to get a loan.

Apply for financial aid

An accurate tax return can make it easier to apply for help with education expenses.

Build your Social Security benefit

Claiming your self-employment income on your return ensures that it will be included in your benefit calculation.

Get peace of mind

When you file an accurate tax return and pay your taxes on time, you'll know that you're doing the right thing to follow the law.

Get an accurate picture of your income

When you apply for a loan, lenders will look at your tax return to figure your interest rate and decide if you can repay. If you file accurate tax returns, you may get a loan with a lower interest rate and better repayment terms..

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