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Why do we need to pay taxes?
Many people have questions about how they will be taxed and why they need to pay taxes at all. In this article, we’ll explore the basics of taxation and help you understand your own situation so that you can make an informed decision about whether or not to file taxes this year.
Basically any money you earn is taxable.
Basically any money you earn is taxable. That includes:
- Wages
- Interest and dividend income (interest from savings accounts or bonds)
- Capital gain on the sale of assets (including property, cars, boats and other investments)
Some taxes are more favorable than others.
When you’re deciding which tax to pay, it’s important to consider how much money you’ll be saving by not paying taxes. If the government wants more money from your pocket, like when they want to build a new bridge or send troops overseas in times of war, then it makes sense for them to raise rates on certain types of transactions. This is called “taxation.”
Taxes are necessary evils because without them we wouldn’t have roads and schools or clean water supplies—and without these things we couldn’t live as well as we do today. However, some taxes are more favorable than others: For example, if someone buys something at retail price but pays sales tax on top of that amount (in addition), then they may end up paying less overall due to lower prices than if they had bought directly from an online store without any additional charges added on top! So when looking into making sure you don’t overpay yourself into bankruptcy with excessive debts owed throughout life’s journey here comes another reason why careful planning ahead might just save lives later down road where no one else knows what happened due
You may have to do extra paperwork if you’re self-employed or have other forms of income.
If you are self-employed and have other forms of income, such as tips or commissions, you may need to pay additional taxes. You do not have to pay payroll taxes because those are paid by your employer.
However, if you have income from the sale of goods or services that isn’t reported on a W2 form (such as freelance work), then it’s important to understand how much tax will be deducted from each paycheck before paying anything at all.
You can deduct expenses from your income so long as they’re legitimate business expenses related directly back into running the business; otherwise they may not qualify and result in an overpayment penalty when filing returns with IRS later this year!
Why do we need to pay taxes – the government uses your tax payment to provide certain services in return.
The government uses your tax payment to provide certain services in return. For example, if you pay taxes on your income and property, the government will use them to build roads and bridges, fund schools, maintain fire departments and police forces and provide social welfare programs like healthcare or unemployment insurance.
Taxes also help fund medical research by providing money for research projects at universities across Canada as well as supporting other important activities such as granting scholarships for students who want to study medicine at university level (from bachelors degree upwards).
Why do we need to pay taxes is a political topic and will often cause debate.
Taxation is a political topic, and it will often cause debate. In English law, taxation is the legal process by which governments raise taxes from citizens or corporations to fund government operations.
Taxes are imposed on income (wages and salaries), sales (goods sold in a country), imports and exports in order to generate revenue for the state. Taxation may also be used as an instrument for social policy change; for example, special tax rates have been established for low-income groups or disadvantaged minorities.
Taxes are a political issue. The government uses taxes to fund services such as education, healthcare and infrastructure. Taxes can also be used to pay for programs that benefit you, like universal health care or subsidized public transit passes.
Taxes can be complicated because they’re not just about money—they’re also about how we want society structured. For example: If you think everyone should pay taxes equally but the government wants them to pay more than others based on their income level (which may or may not be accurate), then you have an argument with yourself!
As you can see, there are many reasons why you need to pay taxes. It’s important to understand the rules so that you don’t end up paying too much or too little. And if you decide not to file them at all, it could come back to haunt you later on in life when it comes time for retirement benefits.
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