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What if I can't pay my taxes? Rule No. 1: Don't panic

Sharon Epperson

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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