What to Know If You Don’t 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. The one thing that you need to know is that IRS will come knocking.
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 on time you should expect to pay some penalties. 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. On top of paying penalties it is good to know that you will have to part with 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.
When you need a state tax refund there is a possibility that you will not get its if you have some penalties. 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. By not paying taxes you will invite the federal agency to make some moves to all accounts that you have.
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.