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. 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. 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. By not paying the taxes it would be good to know that you might have an encounter with the IRS.
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. Penalties are not the best when it comes to your pockets because they can be painful to pay.
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. On top of paying penalties it is good to know that you will have to part with interest rates as well. If you go through this website you will learn some of the interest rates that IRS might bring on you.
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. 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.
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