Are Presidential Candidates Required to Make Their Tax Returns Public?
The general public basically expects presidential candidates to do this because that’s what they’ve done in the past. But as far as it being a requirement they don’t have to. It’s been one of those expectations that would be frowned upon if they didn’t. Most presidential candidates choose to make their tax returns public in fear that it would hurt their numbers if they didn’t.
It’s What the People Want
Making tax returns public is just one of the many things that the general public expects from presidential candidates. It is said that when entering the arena of politics, and in particular running for the presidential office, some things like a certain level of privacy must be sacrificed. As a high profile public servant, something as personal as income taxed are expected to be scrutinized by the public.
Why Does the Public Need to See Tax Records Anyway?
The elected head of the United States hold a great amount of power. He or she is in charge of making decisions that can affect the entire country, and even the world. He or she also has a say in how to manage the United States Treasury. The United States Treasury has billons upon billons of dollars to manage and taxpayers expect the President of the United States to responsibly govern these funds. A good way to determine that he or she will set out to do this is by reviewing the candidate’s personal tax records.
If you have a presidential candidate that has multiple bankruptcies, late filings, and late payments, this might give voters something to be concerned about. On the other hand, if they’ve been able to make money hand over fist, then that’s certainly a good thing.
The Importance of Keeping Good Tax Records
Maintaining a good tax record with the Internal Revenue Service (IRS) should be at the top of your priority list. Not having a good report with the IRS can lead to devastating consequences to your personal finances that can affect your credit score. Without a good credit score, it’s challenging to acquire things like a new house or car, having a loan approved or even applying for a credit card. You might even have a trying time gaining capital for your business if you’re not connected with the right people. And what if you wanted to run for public office?
Connecting with the Right People
Success Tax Relief offers business funding solutions where entrepreneurs can get the cash and credit they need to propel their business. Success Tax Relief will help you establish an Employer Identification Number (EIN) that is completely independent of your social security number. This way you’ll be able to keep your personal financial matters separate from business, unlike the presidential candidates.
Luckily, you’re not running for president, so you don’t have to worry about making your tax returns public, but you do have to concern yourself with making sure that you have a zero balance when it comes to owing the IRS!