Ever since the dawn of civilization, taxes have been a bone of contention between the people and their governments. Some of us want and are indeed willing to pay more in taxes and all they expect in exchange for this is more benefits while at the same time there are those who aren’t as willing to pay the slightest and would rather not pay them at all.
But this be as it may and no matter what your opinion is towards taxes, provided you are in a civilization of some kind, you have to ready yourself for the inevitable-payment of taxes. But even in the face of this reality, still there are some who are tempted not to file their taxes anyway. Whatever your status, rich or poor, be ready that the taxman will come for you.
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. 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. 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. 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. 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. Bear in mind the fact that the minimum penalty here is $135 or otherwise 100% of the amount you owe, whichever is less.
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.