Learning of the Consequences that Follow Failure to Pay Taxes
By and large, when it comes to matters taxation, this has generally been an issue of contention between the people and their governments for years ever since the dawn of civilization. There are some who are ready to pay all the more in taxes in exchange to be accorded more benefits while there are some who don’t want to pay them at all.
Having said this, the fact is that if at all you are in any sort of a civilized setting, you are bound to pay taxes irrespective of what your opinion and attitude to them is. There are some who may be so tempted as not to file taxes anyway. In as much as there is such an inclination not to file taxes, the fact you need to be alive to is that irrespective of your status, whether rich or poor, the taxman will soon be coming for you.
In case you are wondering what it is that can happen in the event that you don’t pay taxes, read on and learn more. In this article, we will be taken on a behind the scenes view of some of the things that would probably follow your failure to file taxes and pay for them.
By and large, when it comes to this, one thing that should be noted going forward is that the very consequences that would follow failure to pay taxes would be a lot more serious than the benefit you may think you are to enjoy doing this. Looking at all of these consequences, one thing that should be as clear is that they are not all going to be applicable to all kinds of cases of tax evasion as each individual case would be different. Read on and see some of these as some of the most probable consequences of a failure by a tax payer to pay taxes.
One of the consequences one risks being slapped with is that of penalty fees. And one thing that should be as clear in this regard is that there is a difference between failure to pay taxes and failure to file them. Where you even fail to file for the taxes, you will be assessed a penalty and this is in most cases a percentage of up to 5% of the tax amount owed and goes for up to 5 months after the due date for filing. The amount to be paid in such a case would be an amount equivalent to $135 or a full amount of the tax amount owed, whichever is less.
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