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. 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 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. On top of paying penalties it is good to know that you will have to part with interest rates as well. If you go through this website you will learn some of the interest rates that IRS might bring on you.
When you need a state tax refund there is a possibility that you will not get its if you have some 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. It is ideal if you can view here if you suspect that your tax refund is going to offset your 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 can expect that if you don’t pay taxes at the right time there are ways that the federal agency can recover the same by going through all your accounts that you have. Not paying taxes is not an ideal thing to do because there are many issues that you can get into with the federal agency. If you have issues with IRS it can be one of the things that would be good to avoid because there are many problems that comes with it and you can click here for more tips on how to avoid such problems.