Things to Know If One Does Not File Taxes
It’s vital to understand that one of the things that are certain when it comes to life is payingithe things that you need to consider is paying taxes. Paying taxes is something that one needs to do but for some people they think that they can avoid it. Though one can avoid paying taxes it is good to know the things that one can expect by not doing it. If you have been looking to learn what you can expect if you don’t file taxes here are some of the things that you should know. The one thing that you need to know is that IRS will come knocking.
Because the employer informs the IRS when it pays it’s emloyees it is something that will make them know that you owe taxes. IRS will take action based on the fact that you owe some taxes to pay. If you don’t pay taxes on time you should expect to pay some penalties. Paying penalties is something that can dent you pockets and hence it is something that you wouldn’t want to undertake.
Knowing what to do incase you are facing penalties is vital and you can go through this website to learn more. In paying penalties you might find that it might also add the budget of interest rates which is something that you don’t want to take when it comes to your finances. If you would want to know the interest rates that comes with penalties it is easier to know the same through this site.
For the penalties you will realize that it can take away your state tax refund. It is common for the IRS to take tax refund from a person that has some issues with penalties. You can look at your state refund account that know if the state has taken your balance to take care of the penalties. If you don’t pay taxes you can expect that the federal agency will do what it takes to recover money from your accounts.
If you have annuities or any social security benefits it can take from such accounts when it comes to recovering the tax balance. Not paying taxes is not an ideal thing to do because there are many issues that you can get into with the federal agency. If you’l have issues with the IRS it can be a big nightmare when it comes to penalties, interest rates and other issues that you can discover here.
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