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. Paying taxes is something that one needs to do but for some people they think that they can avoid it. Though one can avoid paying taxes it is good to know the things that one can expect by not doing it. When you don’t pay taxes it is ideal to know the kind of the things to expect as you will discover here. 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. With such information you can have some trouble with IRS which is something that you need to avoid as you can see here. 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. 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. 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. By not paying taxes you will invite the federal agency to make some moves to all accounts that you have.
You can expect that if you don’t pay taxes at the right time there are ways that the federal agency can recover the same by going through all your accounts that you 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.