Still haven't filed your taxes? Here's what you need to know
So far this tax season, the IRS has received more than 90 million income tax returns for 2022. But what if you are not one of those people and have not yet filed? Don't panic! There's still time, but here are a few things you need to know.
First, it's essential to understand the deadlines. While the official deadline has passed, you can still file for an extension. An extension gives you more time to file, but it's important to remember that it doesn't give you more time to pay! You are still responsible for estimating and paying what you owe.
Next, if you owe money and haven't filed or paid, penalties and interest will start accruing. The penalty for failure to file is generally much higher than the penalty for failure to pay. So even if you can't afford to pay your taxes, file as soon as possible to minimize penalties. The IRS offers several payment options, including installment agreements, if you're unable to pay in full.
Finally, don't be afraid to seek help! The IRS website is a great resource, offering information on various tax topics and free file options. You can also consult with a qualified tax professional who can provide personalized guidance. Ignoring the problem will only make it worse, so take action today!
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