05. August 2019 · Comments Off on The Beginners Guide To (What You Need To Know To Get Started) · Categories: Financial

Learning of the Consequences that Follow Failure to Pay 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. Some of us want and are indeed willing to pay more in taxes and all they expect in exchange for this is more benefits while at the same time there are those who aren’t as willing to pay the slightest and would rather not 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. Some may be tempted not to file their taxes. 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. This post details some of the probable consequences of failure to pay taxes.

To start us off in this regard, it is supposed to be noted that where you so happen to fail in paying your taxes, the consequences would be a lot more serious than the benefit you may think of enjoying. 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. Where you even fail to file for the taxes, you will be assessed a penalty and this is in most cases a percentage of up to 5{0aff0bcce616e3fe2c29dfdf2b37496ca04eb605d18681c1ce23d06698d81ee4} of the tax amount owed and goes for up to 5 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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