A Peak Into the Things to Follow Non-Payment of Taxes
Ever since the dawn of civilization, taxes have been a bone of contention between the people and their governments. 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. Whatever your status, rich or poor, be ready that the taxman will come for you.
If you are asking yourself what it is that would follow failure to pay taxes, read on and learn more on the consequences of failure to. The article we are on takes us on a peak behind the scenes on the probable consequences of a failure to pay taxes.
To start us off in this regard, it is supposed to be noted that where you so happen to fail in paying your taxes, the consequences would be a lot more serious than the benefit you may think of enjoying. And talking of these consequences, bear in mind the fact that not all of these possible consequences would apply to all evaders of tax for each individual situation is 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. Moving on with this, it is to be well understood that there is a difference between a failure to pay for taxes and failure to file the same. 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{edfc94664920815ddf8c454fc382bed4bb715253b36c952343ff63b444c16935} 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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