When

• Your taxes must be filed by April 15th. It does not have to be received by the IRS by April 15th, but it must be postmarked by April 15th to avoid penalties.
  
  

Penalties

• If you file late, the standard penalty is 5 percent of the tax owed. If your return is over sixty days late, the minimum you will be forced to pay is $100 or 100 percent of the amount owed on your taxes. You will also be charged interest on any amounts owed. Standard interest is the federal short term rate plus 3 percent. This interest is compounded daily.
  
  

Consequences

• If you don't file a return at all to the IRS, they can create one for you. They will only be able to use information they have and may not reflect any exemptions or deductions you are entitled to receive. Once they decide how much you owe, they can take the money from your bank accounts, wages and even place a lien on your home.
  
  

How

• You can mail your taxes through the U.S. postal service. A better option is to file electronically. By filing electronically you will receive an email showing that it has been received. Electronic filers receive refunds faster, and tt is easier and less costly for the IRS to process electronic returns.
  
  

Process If You Can't Pay

• To avoid a late penalty, file your taxes by the due date. You can ask for a payment plan if you can not afford to pay the balance owed in full. Links to the forms needed are in Resources.