Taxes are due tomorrow, and if you don't file and pay your taxes, you could face some consequences.
Everyone's tax situation is different, but here are some of the things that might happen if you don't submit your 2016 tax returns by the filing deadline of Tuesday, April 18.
First, there are different penalties for not filing your taxes and not paying them, says Lisa Greene-Lewis, certified public accountant and TurboTax blog editor.
- If you don't file, you'll face a failure-to-file penalty. The penalty is five percent of your unpaid taxes for each month your tax return is late, up to 25 percent. On top of that fee, if you file more than 60 days late, you'll pay a minimum of $135 or 100 percent of the taxes you owe (whichever is less).
- If you file your taxes but don't pay them, the IRS will charge you a failure-to-pay penalty. The penalty is 0.5 percent of your unpaid taxes for each month you don't pay, up to 25 percent. Plus, you'll owe interest on the unpaid amount.