What to Know If You Don’t 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. Someone can avoid paying taxes but it is vital to understand what will happen next if you don’t do such a thing. Finding out what will happen if you don’t file taxes is essential and you can go through this article to learn more. 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. With such information you can have some trouble with IRS which is something that you need to avoid as you can see here. Penalties are some of the things that you might need to pay when it comes to fauilure to pay taxes. Paying penalties is something that can dent you pockets and hence it is something that you wouldn’t want to undertake.
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.
For the penalties you will realize that it can take away your state tax refund. 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 on time you will realize that there are many issues that you will get yourself 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.