Things to Know If One Does Not File Taxes
One thing that is certain about life is paying taxes. Even though paying taxes is critical it is something that many people think that they can avoid. Though one can avoid paying taxes it is good to know the things that one can expect by not doing it. When you don’t pay taxes it is ideal to know the kind of the things to expect as you will discover here. One thing you should expect is that IRS will come knocking.
It is good to know that an employer informs IRS when it pays an employee and this will be something that will make the authority to know you have been paid. IRS will take action based on the fact that you owe some taxes to pay. Penalties are some of the things that you might need to pay when it comes to fauilure to pay taxes. Penalties are not the best when it comes to your pockets because they can be painful to pay.
Knowing what to do incase you are facing penalties is vital and you can go through this website to learn more. 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.
When you need a state tax refund there is a possibility that you will not get its if you have some penalties. It is common for the IRS to take tax refund from a person that has some issues with penalties. When you have some penalties and you think that the state is going to take it for offsetting the balce it is ideal to view here. 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 can expect that if you don’t pay taxes at the right time there are ways that the federal agency can recover the same by going through all your accounts that you have. If you don’t pay taxes it is essential to know that there are many consequences that comes with it and if what would be ideal to avoid it if you can as you will learn through this article. 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.