Vital Things to Know If You Don’t File Taxes
One thing that is certain about life is paying taxes. To pay taxes is vital but some people think that they can avoid it. Though one can avoid paying taxes it is good to know the things that one can expect by not doing it. When you don’t pay taxes it is ideal to know the kind of the things to expect as you will discover here. By not paying the taxes it would be good to know that you might have an encounter with the IRS.
Because the employer informs the IRS when it pays it’s emloyees it is something that will make them know that you owe taxes. When there is such information you will note that the IRS will take action and you don’t want them to take such action as you will discover here. 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.
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. Not only you will have to pay penalties but there are high chances of paying interest rates as well. 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. You can look at your state refund account that know if the state has taken your balance to take care of the 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. 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.