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. One thing you should expect 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 you will realize that there might be some penalties that you will have to pay. 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. On top of paying penalties it is good to know that you will have to part with interest rates as well. If you look at the interest rates that you might have to pay it would be a good thing to go through this company’s site to learn more.
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.
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’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.