8 Consequences to Not Paying Your Taxes
8 Consequences to not paying your taxes
The government has the right to pursue unpaid taxes for 10 years.
The notice is usually the first warning. The IRs will take action after 30 days. Be sure you to not delay your response or ignore the notice. Keep the IRS informed if you change your address to avoid not receiving a notice.
Late penalties are a headache. Fees do vary depending on your monthly payments.
If you do not make payments on the taxes you owe or set up a payment plan to ensure the IRS you intend to make payments starting … There will be interest added on to your debt. The IRS does NOT waive interest.
No one wants to go to court, especially not with an IRS officer. You will also have to bring your documents and records.
Having your property seized is the worst consequence. The IRS can have a Lien to claim your property and a levy to take your home, car and even bank account.
Let’s hope your situation will never come to bankruptcy. Most people declare bankruptcy because they cannot afford to make debt payments and keep up with living expense.
This is the least common consequence but is possible.
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