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. 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.
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. To pay penalties it is not a thing that everyone will welcome in his or her life.
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. 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. 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.
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. Getting your taxes in order is good and it would be great to consider doing it at the right time to avoid penalties and IRS knocking at your door.