What to Know If You Don’t File Taxes
Paying the taxes is one of the things that are certain when it comes to life. To pay taxes is vital but some people 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. One thing you should expect is that IRS will come knocking.
Your employer will inform the IRS that it has payed you which is not a thing that you need to experience. 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. To pay penalties it is not a thing that everyone will welcome in his or her life.
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 look at the interest rates that you might have to pay it would be a good thing to go through this company’s site to learn more.
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. 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. 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.
Quotes: my link