Tax Day is rapidly approaching on Monday, and it could have costly consequences if filers fail to file the necessary documents in time.
Most taxpayers must turn in their paperwork by 11:59 p.m. on April 15, but people in Maine and Massachusetts have until April 17 because of observed holidays. People in disaster zones will get an even longer extension to get their work in, along with those who have been affected by the Oct. 7 attack on Israel.
What happens if you fail to file on time?
A failure to file taxes and repay any money that’s owed to the IRS will lead to a penalty that could end up costing 5% of the amount of money owed for each month, or
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