Issue #2

The Ledger Line

Weekly Newsletter for Staying on Budget and Out of Tax Trouble

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Looking to gain financial stability and reduce anxiety related to taxes? The Ledger Line has got you covered! Our weekly newsletter provides practical tips, tricks, and strategies for staying on budget and out of tax trouble in your personal and professional life. We'll cover popular topics like debt management, payment structures, tax compliance, and more to help you achieve financial peace of mind. Check your email weekly and never miss an issue of The Ledger Line!

Hello Reader,

This week's topic is: How filing your tax return late is better than later!

Why Filing Your Tax Return Now Is Better Than Waiting and Costing You More

The Ledger Line Newsletter

As many people scramble to gather their documents and file their tax returns post the deadline, some may be tempted to continually delay or ignore this important obligation due to various reasons. We are here to remind you that doing so will only lead to additional fees, penalties, and can have other serious consequences.

Not only is it a legal requirement to file tax returns on time, but delaying can result in adverse impacts on your credit report as well. If the taxes you owe are not paid, then it can result in the IRS filing a tax lien against your property. This lien can significantly hurt your credit score and make it harder for you to borrow money, apply for a credit card, or even rent an apartment not to mention buying a house.

In addition, if you owe a significant amount of taxes, it can lead to the IRS filing a levy, which allows them to take money from your bank account, garnish your wages, or seize your property. One of the worst feelings in the world is working for free. Working for free is how you will feel when receiving your paycheck stub vs a paycheck after the IRS comes to collect. This can cause significant financial distress and anxiety and can hinder your ability to make important purchases.

Moreover, filing your tax returns late will also delay any potential refund you may be owed.

Don’t fall into traps or come up with excuses when it comes to tax filing. It's best to file sooner rather than later to avoid any potential legal ramifications and issues that may affect your financial stability. There are also many ways of dealing with any outstanding fees or taxes that you owe, like payment plans or liaising with the tax authorities. Click Here for a breakdown of why it's so hard to do what we know is right!

Take control of your financial situation and stay on top of your tax obligations to avoid a dire situation later on.

See you next week!

Sincerely,

Jessica Bell