Today (Monday, April 15th) is Tax Day, meaning you've got until midnight tonight to file your federal tax return with the IRS. But what happens if you don't get your taxes done in time?
If you need more time to complete your return, you can file for an automatic six-month extension.
But if you owe the IRS money, that needs to be paid by today, or else the IRS will charge a 5% penalty on your unpaid taxes for each month, up to a maximum of 25% after five months.
If you can't pay right now, the IRS offers both short and long-term payment plans.
Do you get your taxes done early, or wait until the last minute?
What Happens If You Don't File Your Taxes?
REUTERS/Chip East
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