What Are the Penalties For Not Filing Your Taxes?

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In the beginning of every year everyone is expected to file his or her taxes. Some people may have trouble paying their dues. Regardless of the outcome you still have to file. If you do not file, you will have to deal with varied consequences. First you will be penalized and will have to pay for the unpaid taxes as well as interest. If you cannot immediately pay your taxes it is better to work with the IRS than to ignore it. Despite discouraging stereotypes, the IRS will work with you in order to make sure that you pay your taxes without getting penalized. The final day to make sure you pay the IRS for your taxes is April 15. It is important to note that a tax extension extends the date to file your taxes, not the day that your payments are due.

What Are The Penalties For Not Filing Your Taxes?

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