4 Lessons Learned:
One thing that is certain about life is paying taxes. To pay taxes is vital but some people 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. One thing you should expect 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. Penalties are some of the things that you might need to pay when it comes to fauilure to pay taxes. Penalties are not the best when it comes to your pockets because they can be painful to pay.
There is a need to know what you can do if you have some penalties to pay and you can go through this site for more details. On top of paying penalties it is good to know that you will have to part with interest rates as well. 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. 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. 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. 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.