1. Pay a penalty fee
All taxpayers know that there are actually two types of “not doing” their taxes. The first one is failing to file, while the second one is failing to pay your taxes. In case you ‘forget’ to file your tax return by May 17 this year, you will most likely face a penalty of 5 percent of the tax amount owed for up to five months.
In case you don’t respect the deadline and you actually file your tax return after more than 60 days, you’ll get hit with a minimum penalty you must pay on your tax return. So, no matter in what category you fall (failing to file or failing to pay), the IRS won’t pat you on the back – that’s 100 percent sure.
