Vital Things to Know If You Don’t File Taxes
Paying the taxes is one of the things that are certain when it comes to life. Paying taxes is something that one needs to do but for some people they think that they can avoid it. However, if one does not pay taxes it matters to know what might come in his or her way. 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. By not paying the taxes it would be good to know that you might have an encounter with the IRS.
Because the employer informs the IRS when it pays it’s emloyees it is something that will make them know that you owe taxes. With such information you can have some trouble with IRS which is something that you need to avoid as you can see here. If you don’t pay taxes on time you should expect to pay some penalties. Penalties are not the best when it comes to your pockets because they can be painful to pay.
There is a need to know what you can do if you have some penalties to pay and you can go through this site for more details. Not only you will have to pay penalties but there are high chances of paying interest rates as well. If you go through this website you will learn some of the interest rates that IRS might bring on you.
If you need the state tax refund you will risk not getting it when it comes to penalties. 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. By not paying taxes you will invite the federal agency to make some moves to all accounts that you have.
You will find that the federal agency will do what it takes from the social security benefits and any other account that you might have. 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.