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It is much easier and cheaper in the long run to go ahead and file your taxes on time.
The IRS will eventually catch up to you: Not only will you have to pay any taxes you may have already owed, but you will also have to pay penalties, fines and interest.
When you choose not to file your taxes with the IRS, a few things can happen. Each year you have income reported to you through a W-2 or a 1099-Misc, the IRS gets record of it and will expect you to file Form 1040.
And if you do not file?
The IRS will eventually file a return for you. That return is call a "Substitute for Return" or SFR. You will be filed at the single status and no deductions or exemptions you may qualify for will be counted. Your tax that you owe for an SFR is generally higher than a return you may file on your own. Once the SFR is filed and the tax assessed, the IRS will collect the tax due.
More background info on an SFR
It is a very long and hard process to get it all straightened out, and most of the times this kind of thing results in levies being issued for collections by the IRS. If you owe tax and have not filed in a few years, you can bet you have an
SFR filed for you.
Learn more at wallysworldoftaxes.blogspot.com
Wiki User
∙ 13y ago
Wiki User
∙ 16y agoThe IRS will find you out in 3-7 years. They will garnish your wages, assets, tax returns with high penalties that will take a very long time to repay. Once the IRS learns of you frauding the government, it will take a very long time to get them to leave you alone. More than likely, your employers will receive notification to begin garnishments. It gets messy. Just pay your taxes.
Wiki User
∙ 13y agoFailure to pay child support can and does result in garnishing wages, intercepting tax refunds and other government payments, placing liens on bank accounts, real estate and other assets, requesting suspension of drivers license, and/or putting the obligor in jail for contempt.
Wiki User
∙ 10y agoThe consequences of tax fraud can be very punitive. Depending on the scope and degree of the fraud, it can involve a lengthy prison sentence and large fines.
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Is it illegal to pay taxes?
Au contraire! If you are responsible for paying taxes and do not, you may suffer the legal consequences.
What are the consequences of not filing personal income taxes?
Paying large fines or even doing jail time.
Which is a duty of American citizen?
paying taxes
Is paying taxes a duty or a responsibility?
is paying taxes a duty or a responseibility
What was the law for not paying taxes in England?
Failure to pay taxes in England is considered tax evasion, which is a criminal offense punishable by fines or imprisonment. The severity of the punishment depends on the amount of tax evaded and the circumstances of the case.
What is the consequences of not paying California property tax?
If an owner of property does not pay their property taxes then the town has the power to take possession of the property and sell it under state laws.
How do hairdressers get away with not paying taxes?
They should be paying the taxes they are due to pay and if they are not doing this then they will eventually be caught, the back taxes will be collected and they will be punished for not paying the taxes due.If you believe someone is committing a criminal offence you should report this to the police.
How did Incas pay taxes?
The Incas payed their taxes by paying taxes on the land they worked on.
If you go to jail for not paying taxes do you still owe the taxes when you get out?
Of course you do, plus penal;ty and interest.Your jail is for the crime of trying to avoid taxes, not in lieu of paying them.
Is not paying taxes a crime?
yes
What is tax dodging?
not paying your taxes
What was the neutralists beliefs in paying taxes?
love
