Things to Know If One Does Not File Taxes
It’s vital to understand that one of the things that are certain when it comes to life is payingithe things that you need to consider is paying taxes. 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. 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.
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. IRS will take action based on the fact that you owe some taxes to pay. If you don’t pay taxes you will realize that there might be some penalties that you will have to pay. To pay penalties it is not a thing that everyone will welcome in his or her life.
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.
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. You can look at your state refund account that know if the state has taken your balance to take care of the penalties. 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 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. 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.