Doing your taxes is essential for several reasons. First, it ensures you’re complying with legal requirements and avoiding potential penalties or interest charges for late or incomplete filings. Filing taxes accurately also allows you to claim any eligible deductions, credits, or refunds that could significantly impact your finances. Additionally, tax records are crucial for future financial planning, loan applications, and maintaining a clear financial history. Consistently filing taxes also supports the economy by contributing to funding public services like healthcare, education, and infrastructure, making it a responsibility with both personal and social benefits.