Taxes are due early next week 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 2017 tax returns by the filing deadline of Tuesday, April 17.
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 5 percent of your unpaid taxes for each month your tax return is late, up to 25 percent. Plus, 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 far less: Generally, the IRS will charge you 0.5 percent of your unpaid taxes for each month you don't pay, up to 25 percent. Interest also accrues on your unpaid taxes. The interest rate is equal to the federal short-term rate, plus 3 percent.