Things to Know If One Does Not 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. 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. It is ideal if you can view here if you suspect that your tax refund is going to offset your 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.
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. 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.