Things to Know If One Does Not File Taxes
One thing that is certain about life is paying taxes. To pay taxes is vital but some people think that they can avoid it. Someone can avoid paying taxes but it is vital to understand what will happen next if you don’t do such a thing. 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. With such information you can have some trouble with IRS which is something that you need to avoid as you can see here. 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. 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.
For the penalties you will realize that it can take away your state tax refund. If you have some penalties that you might need to pay it is good to know that the state can take the tax refund to offset the balance. It is ideal if you can view here if you suspect that your tax refund is going to offset your penalties. If you don’t pay taxes you can expect that the federal agency will do what it takes to recover money from your accounts.
If you have annuities or any social security benefits it can take from such accounts when it comes to recovering the tax balance. 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.