Taxes FAQs What are taxes? Taxes are payments that you are required to make to the government. The money that you pay in taxes is used to fund public services and infrastructure. What is the IRS? The IRS is the agency responsible for collecting taxes. They are also responsible for enforcing tax laws and issuing refunds. Why do I have to pay taxes? You have to pay taxes because it is the law. The government requires that you contribute a portion of your income to help fund public services and infrastructure. How much should I expect to pay in taxes? The amount of taxes you owe depends on a number of factors, including your income, filing status, and whether you have any dependents. You can use the IRS Tax Tables to estimate how much you will owe in taxes. When are taxes due? Taxes are typically due on April 15th of each year. However, if you file for an extension, you may have until October 15th to file your return. About the Author True Tamplin, BSc, CEPF® Facebook Linkedin Instagram Twitter Youtube True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists. True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics. To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.