There are two kinds of “not doing” your taxes – failing to file and failing to pay. “If you fail to file, you get hit with a penalty of 5% of the tax owed, up to five months out, with a minimum penalty of $135, or as much as 100% of the tax owed – whichever is less,” Green says. If you don’t pay, he continues, you’re typically charged a penalty, plus you’ll have to pay interest.
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