When it comes to paying taxes, many people wonder whether if it’s alright not to pay. However, failure to pay your taxes will only result in consequences. If you’re wondering what those consequences are, here are a few you should know about.
- Fines & Penalties – One of the first consequences you will be facing include fines and penalties. The more time you take or delay in paying your taxes, the more you pay as a fine. This will keep adding up from several hundreds to thousands of dollars.
- Visit Court – Failure to pay your taxes in a long time will result in you visiting a court. Now it may sound less intimidating however, you are bound to spend extra money in hiring a lawyer to sort out the matter.
- Spend Time in Jail – This happens rarely however, there have been people who have spent some of their time inside a jail. The amount of time and money accumulated results in jail time. Therefore, make sure you pay your taxes as early as possible.
- Additional Expenditure – This is especially for those who own a business and do not pay their taxes. From your certain amount of income, you are eligible to get tax-free. However, the rest needs to be paid by tax. If you fail to pay, you are bound to lose your business as time passes by.
So, apart from facing these consequences ensure you pay your taxes on time. Make sure you hire one of the best tax accountant in gold coast region.