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.
In short, even if you're only a couple of months behind on your taxes, the consequences can pile up, thanks to fees and interest. And you may miss out on a refund by not filing. After all, "the IRS reports every year that they have close to $1 billion in unclaimed refunds, " says Greene-Lewis. "And those refunds are averaging about $700. That's a lot of money."
Even if you can't pay your taxes, file. "In most cases, the failure-to-file penalty is 10 times more than the failure-to-pay penalty," the IRS reports. You can always apply for a payment plan with the IRS to resolve your tax debt.
If you continually ignore your taxes, you may have more than fees to deal with. The IRS could:
Now that you're inspired to get started on your 2017 tax returns, if you haven't done so already, read up on the common errors that can slow down the filing process.
Video by Jonathan Fazio
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