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. 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.
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 you will realize that there might be some penalties that you will have to pay. Paying penalties is something that can dent you pockets and hence it is something that you wouldn’t want to undertake.
Knowing what to do incase you are facing penalties is vital and you can go through this website to learn more. In paying penalties you might find that it might also add the budget of interest rates which is something that you don’t want to take when it comes to your finances. If you would want to know the interest rates that comes with penalties it is easier to know the same through this site.
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. You can look at your state refund account that know if the state has taken your balance to take care of the penalties. 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.
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. 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.
