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LSDefine
Simple English definitions for legal terms
back taxes
Read a random definition: deposition
A quick definition of back taxes:
Back taxes are taxes that were supposed to be paid for a previous year or years, but were not paid. This means that the person or company owes the government money for those unpaid taxes. It's important to pay back taxes as soon as possible to avoid penalties and interest charges.
A more thorough explanation:
Definition: Back taxes refer to taxes that were assessed for a previous year or years but have not been paid yet.
Example: If you owe $5,000 in taxes for the year 2018 but did not pay it, then you have back taxes for that year.
Explanation: Back taxes are taxes that were due in the past but have not been paid yet. This means that if you owe taxes for a previous year, you have back taxes. For example, if you did not pay your taxes for the year 2018, then you have back taxes for that year. These taxes can accumulate interest and penalties over time, making it important to pay them as soon as possible.