Michel Valbrun Shares 3 Reasons Why You Need To File Income Taxes

·3-min read

Michel Valbrun is helping entrepreneurs in saving millions in taxes through ethical and legal methods.

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Taxes are your responsibility as a citizen of a country. The public services are a boon but they need finances in order to function and our taxes help with that. Filing taxes and filling forms is usually a hassle that people tend to run away from but it has an advantage that is desired by many. It will also get you returns so you get a relevant amount back from the government and hence save your money that you would’ve lost otherwise.

Michel Valbrun makes this tedious process easy for individuals and businesses through his expertise in the field and the expansive knowledge that he has gained as a part of the university experience and self-learning journey. He is a well-known CPA, tax strategist, author, and speaker.

Also Read | Lost PAN? How to Apply For Allotment of Instant e-PAN Card Online at incometax.gov.in

He shares the 3 reasons as to why you need to file tax before your due date:

1. Makes You A Responsible Citizen

It is not a money-related aspect but definitely a self-esteem-related part. The government of the country mandates for people to file their taxes before the due dates else they want to pay for penalties and additional interests.

Businesses and individuals pay a certain amount according to their income and that enables one to get recognized as a responsible citizen and since it is a voluntary act, the government will not come to check up on you unless they sense that there is an influx of income but no tax submission from your side. In that case, you will get audited.

2. Refunds

Who doesn’t like to have more money? No one! Well, taxes are inevitable expenses and you will need to give a part of your income to that. However, by filing on time and abiding by all the formalities you will be eligible to get relevant refunds.

If you file these refund claims in advance you will also stand a chance to get them as early as possible. “I always ask people, ‘take a look at your life and really think about whatʼs your largest expense? They say that typically it is a car, mortgage, children, etc. But, if you break it down, taxes are your single largest expense. When you make money, you pay income tax and it almost consumes 50% of your income.” - Michel Valbrun

3. Avoid Penalties

You are already paying a lot of money in taxes, would you like to pay some more? The answer is no. Delay in filing taxes leads to such situations, if you fail to do it within the stipulated time then you might have to pay a penalty of being late and interest that is levied by the government.

You can be charged for both filing and paying late which is undesirable. Michel Valbrun makes sure that individuals and business owners don’t come across such predicaments and has helped save over $8 Million in 2019. For more information do visit his website.

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