A Peak Into the Things to Follow Non-Payment of Taxes
Civilization brought with it the concept of taxation and this has been one of the areas and issues that has been a source of hot contention between the governments and their subjects ever since. There are some who are ready to pay all the more in taxes in exchange to be accorded more benefits while there are some who don’t want to 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. But one thing that you can be assured of is that irrespective of your status in society, rich or poor, you will soon see the taxman at your doorstep.
If you are asking yourself what it is that would follow failure to pay taxes, read on and learn more on the consequences of failure to. 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. Looking at all of these consequences, one thing that should be as clear is that they are not all going to be applicable to all kinds of cases of tax evasion as each individual case would be different. Check these out for an idea of some of the most likely effects or consequences of a tax payer to pay for their taxes.
One of the consequences one risks being slapped with is that of penalty fees. And one thing that should be as clear in this regard is that there is a difference between failure to pay taxes and failure to file them. 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. The amount to be paid in such a case would be an amount equivalent to $135 or a full amount of the tax amount owed, whichever is less.
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