Answer:
1. Some strategies used to prepare filing taxes each year could include keeping each receipt knowing exactly what you spend, along with a filing system to sort out each piece of information needed for filing taxes with creating new folders and subfolders within.
2.They help pay for roads and other government projects.
3.Personal financial planning method of planning, financing, and investing activities, the taxes help us in meeting our goals and desires. Taxation affects the planning as it created a need and demand for money at the time of retirement. As proper planning is influenced by the taxes and they help to decide more clearly the person's finances and things you want. Hence they help in planning cautiously and adequately.
4. Four types of taxes that you can pay are the State Withholding Tax, a Federal Withholding Tax, a Property Tax, and a Sales Tax. Both withholding taxes are withheld from your paycheck going into state officials and federal officials. Property Taxes are charged against any personal property that you own, and Sales Tax is what you pay on any purchases that you buy, each price varying depending on what state or country you're in.
5. Challenges Faced By people When Filing Their Income Tax Returns:
Failure to enter the correct details.
Incorrect computation income.
Mismatch of important details.
When the employer does not give HRA benefits.
Failure to calculate some deductions which can be claimed.
