Tax Filing is a necessary obligation to build a sustainable business

Filing taxes is a legal requirement for most individuals and businesses in many countries, including the United States. Here are some reasons why filing taxes is important:

1. It’s the law: In most countries, including the US, it’s mandatory to file taxes. Failure to do so could result in penalties, fines, or even legal action.
2. Claiming tax refunds: Filing taxes allows individuals to claim tax refunds if they have overpaid their taxes or are eligible for tax credits.
3. Social security benefits: Filing taxes is also important for individuals who may be eligible for social security benefits. The amount of benefits an individual receives is often based on their earnings record, which is derived from their tax returns.
4. Building credit: Consistently filing taxes and paying taxes owed on time can help build a good credit history and increase an individual’s credit score.

Overall, filing taxes is an important civic duty that helps fund public services and ensures that everyone pays their fair share of taxes. It also helps individuals receive the benefits and refunds they are entitled to.