Things to Know If One Does Not File Taxes
Paying the taxes is one of the things that are certain when it comes to life. 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. 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.
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. If you don’t pay taxes on time you should expect to pay some penalties. To pay penalties it is not a thing that everyone will welcome in his or her life.
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. Not only you will have to pay penalties but there are high chances of paying interest rates as well. If you would want to know the interest rates that comes with penalties it is easier to know the same through this site.
If you need the state tax refund you will risk not getting it when it comes to penalties. It might not be a surprise when you realize that the state has taken the tax refund from your account. 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. 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. If you have issues with IRS it can be one of the things that would be good to avoid because there are many problems that comes with it and you can click here for more tips on how to avoid such problems.