A Beginners Guide To
Vital Things to Know If You Don’t File Taxes
One thing that is certain about life is paying taxes. Paying taxes is something that one needs to do but for some people they 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. 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. The one thing that you need to know 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. 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. Penalties are some of the things that you might need to pay when it comes to fauilure to pay taxes. Paying penalties is something that can dent you pockets and hence it is something that you wouldn’t want to undertake.
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 would want to know the interest rates that comes with penalties it is easier to know the same through this site.
For the penalties you will realize that it can take away your state tax refund. It might not be a surprise when you realize that the state has taken the tax refund from your account. 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 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. 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.
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