Most individuals like to work things up to the last minutes. This goes for most individuals who are busy with their careers. Unfortunately people do this even as they file and pay their taxes. Some even get to the point of forgetting that they have a deadline and miss the tax filing date all together. There are even those who deliberately avoid filing their taxes.
Since almost everyone can be accused of being guilty of committing these offenses, then it is only safe to say that a lot of individuals are also suffering the consequences not being able to pay for their taxes, making their tax dues skyrocket, and giving themselves the pressure of having to deal with IRS calls and letters enforcing the payment of their tax dues. And as an example
, one of the basic consequences of leaving your tax unpaid or unfiled are the late penalties. The late penalties apply for those who are late in filing their taxes and their tax returns. If you are in some way expecting to have refund, then you might not get the same heavy consequences of the ones who do not pay taxes at all. In this situation, whether you will be able to pay the tax due for that particular tax season or not, make it a habit to file the tax returns anyway.
Having tax returns filed helps because they also serve as additional documents if you will apply for a rearrangement of your tax payment option. Penalties comprise of 5% of the total tax and can be as high as 25%. This can accumulate every month so if you don't resolve your tax issue right away, there is a big chance that you will be paying for a high tax due. Since you are expecting a refund and already filed for a tax return, failure to pay for your tax dues may simply result in a delayed reimbursement. This is not a good thing if you were planning to spend on something using that tax refund. In worse cases, the tax refunds may even be forfeited as you still owe the state money so you will definitely look like you donated some money to the government. If you don't have any filed returns, and have not paid your taxes for some time, then you may end up getting wage garnishments, bank levies and tax liens. This means that you will not earn any money at all even when you go to work because all that's supposed to be in your paycheck will be paid directly to the INS. They can even take the money in your bank account!
If you don't want to experience these consequences, the best thing to do is to face the problem and resolve your IRS tax issues up front. You can do this with the help of a tax attorney! And hiring the best attorney
keeps you from worrying about the heavy consequences as they can help you in negotiating with the IRS especially if you have a huge tax due for some time. Get more details
about the benefits of resolving your IRS issues with a tax attorney when you visit the Pennsylvania Instant Tax Attorney website today!