Things That Could Happen If You Don’t File Taxes

Getting in trouble for doing taxes is not something that only happens to the celebrities. If you don’t file your taxes some pretty terrible things could happen. Today, we are sharing with you exactly what could happen to you when you do not file your taxes to Uncle Sam.
Pay a Penalty
Not filing taxes costs you a lot of extra money. Not only do you have to pay a not filing penalty but if you do not pay your taxes before the April deadline, you will be hit with a penalty for not paying on time too. Usually, the minimum penalty that taxpayers are hit with is $135 but it can go higher.
Pay Interest
Interest can be from 4% to 6%. Additionally, the IRS does not have the power to waive the interest you are charged. Therefore, even though they do want to help you out as much as possible they cannot interfere at all once the interest charges start rolling in.
Mess Up Your Credit
Even if the only thing you have done bad on your credit history is not paying/filing taxes, it can damage your credit score. Once your credit score is damaged you could find your credit offers become fewer and existing credit lines may decrease.
Conclusion
Huddleston Tax CPAs, a Seattle CPA firm, can make sure you’re in under the deadline. If you are thinking about skipping out on taxes, don’t do it. We promise you it will never work well for you. You also want to keep in mind that even if you do get a filing extension from the IRS you are still required to have your tax liability paid by the April deadline. Give us a call at (425) 483-6600.

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