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. Finding out what will happen if you don’t file taxes is essential and you can go through this article to learn more. The one thing that you need to know is that IRS will come knocking.
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 on time you should expect to pay some penalties. Penalties are not the best when it comes to your pockets because they can be painful to pay.
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. 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 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. 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.