Vital Things to Know If You Don’t 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. 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. The one thing that you need to know 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. 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.
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. 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.
When you need a state tax refund there is a possibility that you will not get its if you have some penalties. It might not be a surprise when you realize that the state has taken the tax refund from your account. 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 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.