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. 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. One thing you should expect is that IRS will come knocking.
Your employer will inform the IRS that it has payed you which is not a thing that you need to experience. 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.
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. 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 is common for the IRS to take tax refund from a person that has some issues with penalties. 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. If you don’t pay taxes you can expect that the federal agency will do what it takes to recover money from your accounts.
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. 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.