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Form W-4 is a filing of the IRS that employees have filled in to inform the employer the amount of federal income tax that they want to have deducted out of their paycheck. The W-4 form determines the excess or insufficient tax that will be deducted. By accurately filling it you do not get huge tax bills or end-year refunds. The form entails such information as the status of filing, dependents as well as deductions and additional withholding. It is advisable to change your W-4 when your financial situation alters, i.e. when you get married, get divorced, have new dependents, or have a second job. Proper withholding will provide better tax filing and predictable end of year take-home pay.
In case you fail to file taxes, the IRS would start off by sending you notices telling you that you should file. The non-response will result in penalties, interests, and even the filing of a Substitute for Return by the IRS. This version generally is not good as it does not take into consideration your deductions and credits. The further non-compliance can provoke the tax liens, levies, or wage seizures. The IRS is also in a position to take refunds that are to be paid in the future to pay unpaid tax. Even though jailing is considered an infrequent activity, criminalization of intentional tax evasion is possible. It is better to file in the nearest future so that penalties may be reduced, and complications may be avoided.
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