Things to Know If One Does Not 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. Finding out what will happen if you don’t file taxes is essential and you can go through this article to learn more. One thing you should expect 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. When there is such information you will note that the IRS will take action and you don’t want them to take such action as you will discover here. If you don’t pay taxes you will realize that there might be some penalties that you will have to pay. Penalties are not the best when it comes to your pockets because they can be painful to pay.
When it comes to paying penalties it is crucial to know what to do and here are some of the things that you should have a look at. On top of paying penalties it is good to know that you will have to part with 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 might not be a surprise when you realize that the state has taken the tax refund from your account. It is ideal if you can view here if you suspect that your tax refund is going to offset your penalties. The other issue that you should expect with not paying taxes is that the federal agency will do what it takes to recover the balance from you.
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. Getting your taxes in order is good and it would be great to consider doing it at the right time to avoid penalties and IRS knocking at your door.