You may be thinking that among some 150 million taxpayers, the IRS might not realize that someone paid their taxes late or not at all.
But don't be fooled: No matter how busy the IRS is during tax season, you'll be penalized if you don't pay or pay late, and your debt will start to pile up.
Penalties may be based on what you owe and how long it takes to file your return.
We tell you in brief keys what you risk if you do not file your taxes before the deadline, which is
this Tuesday, April 18.
Income withholding and loss of refunds
If a significant amount of time has elapsed since the due date for paying your taxes, and you owe money to the IRS, the IRS may withhold a portion of your income until the debt is paid.
If you are waiting for a refund, you risk losing money the government owes you.
Taxpayers have to file their taxes within three years of the due date, or the IRS will write off any money you owe.
The same rule applies to claiming tax credits such as the
Earned Income Credit
(EIC).
Have you filed your tax return yet?
An expert tells you what to do if you have time on you
April 12, 202303:38
This year, the date to file your 2022 taxes is April 18.
If you haven't already, you should file electronically today using your personal accountant, or tools like TurboTax or H&R Block.
The IRS charges interest for debt payments
If you are concerned that the amount due is high,
you can arrange a payment plan with the IRS.
The cost for doing so ranges from 0 to 149 dollars and will include interest, until the balance is paid in full.
In addition, there is a penalty that can reach 25% of the amount due, if you pay late.
You can learn more about the payment plans on the agency's official website on the internet.
For these state economic stimuli, you will not have to pay taxes and you can request a refund
April 14, 202301:28
Since the IRS has a service charge and interest to pay your taxes after the due date
, it may be the least expensive to use a credit card with 0% interest to pay off the debt.
If you use a 0% card, you will be able to pay off your debt interest-free during the introductory period, which generally runs from 12 to 20 months.
Keep in mind that you will have to make a payment of about 2% for only one time when you pay with your credit card.
Paying your taxes on time is essential to keeping your finances healthy.
Not paying your taxes can put you in a difficult situation and, in the worst case scenario,
you can end up being charged.
If you already know that you will not be able to pay on time, it is recommended that you ask the IRS for an extension.
Many will receive a lower-than-expected refund this tax season
April 4, 202300:42
A reminder from the IRS
The IRS reminded this Monday that the deadline to file 2022 tax returns is Tuesday,
April 18
, and taxpayers can still get an automatic six-month extension.
In a notice to the public, the IRS highlighted several tools available for taxpayers to meet their obligations.
For late-filing taxpayers, the IRS has enabled the Free File platform, which allows those who earned $73,000 or less in 2022 to prepare and file tax returns electronically for free.
The IRS undertakes an ambitious and million-dollar reform plan
April 9, 202300:54
He also encouraged taxpayers to file electronically and choose direct deposit to avoid delays in receiving a refund.
"Paper filing can significantly delay a refund," the government warned.
[For these state economic stimuli, you will not have to pay taxes and you can request a refund]
For those who need more time to file the declaration due to lack of documents, the IRS reminded that an automatic extension of six months can be obtained – until October 16 of this year – to file their tax return on the Free File site.
However, he warned that the extension is only to make the declaration and "it is not an extension to pay taxes."
With information from
CNBC
and EFE.
