What 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. 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. 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. The one thing that you need to know 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. Paying penalties is something that can dent you pockets and hence it is something that you wouldn’t want to undertake.
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. Not only you will have to pay penalties but there are high chances of paying 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. 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. 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. If you don’t pay taxes on time you will realize that there are many issues that you will get yourself 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.