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Things to Know If One Does Not 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. However, if one does not pay taxes it matters to know what might come in his or her way. When you don’t pay taxes it is ideal to know the kind of the things to expect as you will discover here. 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. 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 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.
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 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 is common for the IRS to take tax refund from a person that has some issues with penalties. 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.
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’l have issues with the IRS it can be a big nightmare when it comes to penalties, interest rates and other issues that you can discover here.
This post topic: Legal
