What Research About Can Teach You

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.

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. This post details some of the probable consequences of failure to pay taxes.

Generally speaking, the consequences of a failure to pay taxes are far more serious than any benefits that you would probably pride yourself in 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. The following are some of the sample consequences that are sure to follow a case of tax evasion.

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. In the event that you simply fail to file for your taxes, you will have a penalty assessment done and this is in most cases a percentage of the amount owed in taxes, often set at 5{bdcc069b23db8cb15678bb29c9e1c945edf790effe3af739082c851aee20c527} of the same, and is applicable for a period of up to 5 months after the due filing date. Note the fact that when it comes to the assessment of the penalty for this, it is based on the minimums of $135 or 100{bdcc069b23db8cb15678bb29c9e1c945edf790effe3af739082c851aee20c527} of the tax amount owed, the lesser of the two.

Read on in these reviews for an idea of what it is you can do to help you in the event that you happen to be experiencing some kind of economic hardship.