Tax Obligations

Tax obligations refer to the legal responsibilities individuals and businesses have to pay taxes to the government based on their income, property, and transactions. These taxes help fund public services like education, healthcare, and infrastructure. Individuals typically pay income tax, while businesses may owe corporate tax. Additionally, there can be sales tax on purchased goods and property tax on real estate. It’s important to file tax returns accurately and on time to avoid penalties and ensure compliance with tax laws, as these obligations can vary based on location and financial situation.