Whether you’re an entrepreneur, financial executive, accountant, or not remotely involved in the monetary function of a business, you know paying business taxes is important. It’s not an enjoyable task and often comes with complaints, but it’s inevitable that every first quarter is filled with due dates and deadlines. But why do business owners need to pay taxes? What is the benefit of giving the government portions of your hard-earned income? Let’s dive into the top three reasons why paying business taxes is essential.
#1 Supports the US Military
A vital part of protecting the borders of our nation, the United States military defends the rights of our people both domestically and internationally. As a reminder, many overseas conflicts directly impact the United States economy. As such, maintaining a strong military presence preserves the integrity of economic affairs. The taxes business owners pay help support these efforts.
#2 Funds First Responders
Police officers, firefighters, and EMTs are all categorized as first responders. Without the protection and service of these individuals, crime, fire, and health crises would be ill controlled. Taxes paid by businesses go towards funding these organizations and providing them with the resources needed to protect American citizens.
#3 Creates Social Programs
Solving many persisting social plagues such as poverty, drug abuse, domestic violence, and more all requires fixing the root of the problem. Programs funded by taxpayer money all make a strong effort to alleviate the social problems we experience today in hopes of creating a better future. But without financial support, there is no hope for solving these issues.
Without these essential functions of government, our communities and country as a whole would be in disarray. While some of us do not recognize the benefits of these programs directly, it’s important to remember how they help the people around us and offer protection from threats, violence, health crises, and more. ABCO Group recommends that you keep track of these important deadlines to stay in the good graces of the IRS. Happy Tax Season!