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Important information on federal income tax statute of limitations

Regardless of whether you like it or not Taxation is a fact of living. Many people do not realize what the burden in taxes is that they pay on a daily, monthly or annual basis. Taxes have insidiously sneaked into our lives in many varieties. Virtually all of us yield federal state and local or municipal taxes. Do you ever look at your phone charge and see what taxes are added or other utility accounts? How about the taxes added at the fuel pump, use fees at national parks, tolls for tollways. Your employer is paying for your social security as much as you are with what is referred to as the employment tax.

Is it a wonder that most families require 2 jobs just to stay afloat these days. Sitting down a number of years ago I figured out what we gave in taxes and it was well over $50,000 for one year. I had involved Federal, State, social security including employer share, land taxes, sales taxes (a rough estimate). It seems government on all levels is ingesting more and more day and night.

federal income tax statute of limitations

 

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