Tax season is fast approaching and before you start to sink in the feeling, you may have a usual query going through your head
“What will happen, if I don’t undergo Tax filing online mechanism by April 15th, 2020 deadline?”
Well, this post is specifically created to help you understand the likely repercussions of what could happen. Tax Refund Online You may try to follow expert-backed strategies for being on the correct path by dodging penalties:-
Your debt will increase like a moving rocket
Yes, believe it or not, your debt will keep on mounting and moves way higher than you can ever expect in your wildest dreams. Besides the interest and penalties coming your way which can literally knock your senses in the following manner:-
- Failure to file
- Failure to pay
- Failure to pay properly estimated tax
The dreading word “penalties” is in itself creates a sense of anxiety and it is only going to get more complicated. For example, if you fail to undergo tax filing forms, then the penalty is a 5% charge levied on the unpaid tax. Based on how much your return is delayed, you need to file the penalty for up to five months.
Your credit history may well be badly hit
Do you know that your credit history is the most valuable aspect which speaks volumes about how you come up as a mature and financially intelligent individual? However, if you show carelessness or inexperience towards handling your finances, then it may result in piling up your taxes to such an extent, that it crosses $10,000 or more. Then there will be a lien on your property such as your house by the federal government. There are other penalty charges which may also be coming your way, such as state tax lien.
You eventually have to spend way more to get out of this
The reality is you may have to spend a lot more to get out of the challenging situation, in the event if you haven’t done tax filing online. Since the accompanying tax penalty along with the unpaid taxes is going to mount sky-high leaving you in distress.
What to do, if I am unable to pay my taxes
So what if you are unable to pay, still you can file. All you need to do is to get in touch with a local tax preparer. There are also voluntary organizations for helping people, especially those who make $55,000 or less.
Once you have filed, you need to get in touch with IRS who also has payment plans to work your way.
You will experience a messy financially problematic life
You never know the kind of mess your life will be reporting where the government is going to be very strict with you. Your bank account will be checked, the government will be legally bound to keep your passport and driver’s license with them.
So my query to you
“Have you ever thought about how messy life you will have for yourself?
It is better to be safe than sorry and be a dutiful and responsible individual and pay your taxes and live a life of dignity and respect. Since, if you do so, then imagine a life where you have been paying taxes dutifully and in the event, if you have paid excess, then the excess will be given in the form of the tax refund.