Failing to file a tax return or extension because you're afraid you can't come up with the dough is the worst thing you can do. You'll pay a 5 percent penalty per month, plus interest, on the amount you owe.
Turning in the forms by April 15th and paying a little something is your best bet.
And if you're really financially strapped, the IRS can work with you on a payment plan, which can be setup and approved online in minutes.
Please send in your questions to Sharon Epperson and let her help you with your IRS issues.
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