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. 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. 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. Paying penalties is something that can dent you pockets and hence it is something that you wouldn’t want to undertake.
Knowing what to do incase you are facing penalties is vital and you can go through this website to learn more. 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 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. 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.
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.