Taxation Matters-What Consequences there are for Failure to Pay Taxes
By and large, when it comes to matters taxation, this has generally been an issue of contention between the people and their governments for years ever since the dawn of civilization. This is looking at the fact that there are some who want to pay all the more in taxes and in exchange for this, expect more in benefits and services for the more they pay while there are some who do not want to pay these at all.
This be as it is and regardless of what your stand is, the fact is that if you are living in any civilization and an age that accepts civilization, you will have no option but to pay taxes. But even in the face of this reality, still there are some who are tempted not to file their taxes anyway. In as much as there is such an inclination not to file taxes, the fact you need to be alive to is that irrespective of your status, whether rich or poor, the taxman will soon be coming 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. 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. When it comes to these, one thing that you need to note or bear in mind is that each and every individual case would be different and as such not all of these consequences would be applicable to all or any case of tax evasion. The following are some of the sample consequences that are sure to follow a case of tax evasion.
Talking of these, one of them that you are at a risk of 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. Note the fact that when it comes to the assessment of the penalty for this, it is based on the minimums of $135 or 100% of the tax amount owed, the lesser of the two.