Learning of the Consequences that Follow Failure to Pay 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. But even in the face of this reality, still there are some who are tempted not to file their taxes anyway. But one thing that you can be assured of is that irrespective of your status in society, rich or poor, you will soon see the taxman at your doorstep.
Check this guide out for more information on failure to pay taxes and what ensues after this to see the reason why it is so important to ensure that you have paid your taxes. 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. The following are some of the sample consequences that are sure to follow a case of tax evasion.
One consequence that you stand a risk of facing when you don’t pay taxes or file for them is that of being slapped with penalty fees. Talking of these, it is to be noted that when we talk of failure to pay taxes and failure to file for these, the two are totally different one from the other. In the event that you fail to file for your taxes, you will be assessed a penalty and this is often a percentage, 5%, of the total amount owed in taxes for a period of five 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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