Taxes are due today, April 15—here's what can happen if you don't file on time via CNBCMakeIt
2018 taxes are due today and, though everyone's tax situation is different, you could face real consequences if you don't submit your return by the deadline. Here's what you need to know.There are different penalties for not filing your taxes and not paying them, says Bill Smith, managing director of CBIZ MHM's National Tax Office."The failure-to-file penalty is much worse," he notes.
Interest also accrues on your unpaid taxes. The interest rate is equal to the federal short-term rate, plus 3%.Penalties only come into play if you owe the IRS, says Smith:"Both penalties are a function of the amount of tax owed. So if you are entitled to a refund there will be no penalties. Just make sure you file within three years or the IRS is no longer required to pay you your refund.
Even if you can't pay your taxes, it's still important to file, Smith says:"You need to either file by April 15, or file an extension by April 15."
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