Finance

3 Things That Could Happen if You Don’t Pay Your Taxes

computing taxes
Posted: Mar 15, 2018 at 5:37 pm   /   by   /   comments (0)

Did you know that 46.4% of households across the U.S. didn’t pay their federal income taxes in 2011? And that’s one year alone. If you have a business, you should be more careful about your tax payments or there will be consequences.

Here are some of them. Keep these in mind and hire a tax accountant in Utah soon to keep your tax payments updated.

Penalties

You can pay up to 25% on unpaid taxes every month, depending on the severity of the case. And this is when you don’t file at all. If you do file but you failed to pay, you will still be penalized and can pay between 5% and 25% in penalties, not to mention you need to pay the interest of the unpaid taxes.

Social Security

Did you know that the Internal Revenue Service (IRS) could seize your Social Security if you don’t pay your taxes? This is done through the Federal Payment Levy Program. After numerous notifications to settle your unpaid taxes, the IRS can size tour Social Security and this can have many unfortunate implications.

Seized Properties

In some cases, the IRS can seize your property, house, car, bank account, and even your income. Of course, this is a case-to-case basis. It’s important to note that there’s this possibility, so if you don’t want to go through all this trouble and embarrassment, make sure your taxes are updated and paid.

Penalties linked to unpaid taxes can be harsh, so make it a point to pay your taxes on time and your books updated so you don’t need to pay extra cash for penalties. Keep these in mind and pay on time, especially if you’re a business owner.