Vital Things to Know If You Don’t File Taxes
One thing that is certain about life 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. 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.
Your employer will inform the IRS that it has payed you which is not a thing that you need to experience. When there is such information you will note that the IRS will take action and you don’t want them to take such action as you will discover 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 go through this website you will learn some of the interest rates that IRS might bring on you.
For the penalties you will realize that it can take away your state tax refund. 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.
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. 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.