No escape for delinquent taxpayers, make sure all is done well in time or be ready to pay for it!
Everyone should ensure that the tax return is filed on time every year and all the required taxes are paid, and paid in time. There should be no such activity which can be offensive to the law and or has the risk of causing any sort of an issue in this regard. For anyone who tries to adopt illegal or offensive ways as far as taxation is concerned, IRS and its policies are the answer.
IRS upbraids all the delinquent tax payers and adopts such measures which ensure that the faulty is punished or fined well enough. Further, the measures they undertake are enough to make sure that the individual who is at fault would not even think of repeating the same mistake again. People who engage in such activities which lead to incomplete and untimely payment of the taxes are approached by the IRS, which imposes a great deal of penalties on them. However, there are many facets of not paying the taxes according to the regular terms and conditions that are prescribed for it.
If the tax return is not filed on time, there is a possibility that a huge penalty (up to 25%) may be charged for it. Also, the IRS has the right to take any other severe actions such as a levy on the individual’s band account, depending on how the case actually is. Moreover, there are many other kinds of penalties which may be charged if you do not pay your taxes. In order to avoid these, the tax payer should be very regular in the payment of taxes. In such cases when one is unable to pay the entire tax amount, he can pay a specific amount and ask for extension of the deadline for the rest of the amount.
If you are approached by the IRS, you may even be subjected to an increased and high tax bill. An individual, who has failed to fulfil all the requirements as far as taxation is concerned, could even be sent to jail in some extreme cases. It is the duty of the IRS to keep in check such people who try to avoid paying taxes in some way or the other.
Thus, if you don’t want to be upbraided for the same, maintain the required discipline always!