Anyone who has reacted with horror at the amount they owe the IRS might know what can come next: realizing there's zero chance of coming up with the money by the time it's due.
While it's common to feel fear from a big tax bill, it's important not to become immobilized, experts say.
"People get afraid and then don't file their return," said Ed Slott, a CPA and founder of Ed Slott & Co. in Rockville Centre, New York. "That's a big mistake."
The IRS expects 155 million tax returns to be filed this year, with a due date of April 17 (instead of the typical April 15). Last year, the agency issued 111.9 million refunds worth a collective $324 billion. The average amount of refund per taxpayer was $2,895.