Thinking you might not file your tax return? Reconsider, if you want to save money
CNN
There may be upheaval at the IRS. But that doesn’t mean you should skip filing your return. Here’s why
There is just under a week left before the official April 15 tax filing deadline. More than half of all expected federal tax returns have been filed – nearly 90 million as of March 28, according to the latest filing statistics from the Internal Revenue Service. If yours isn’t among them – and you haven’t been granted a special extension to file because you live in a federally declared disaster area – you may be tempted to think the IRS won’t miss it or won’t go after you if you don’t file. Especially given the upheaval at the agency since the new “Department of Government Efficiency” installed operatives there. Or maybe you don’t want to file because you owe money and can’t afford to pay your balance due. Whatever the case, here is why it’s in your financial interests – on top of your legal requirement and civic duty – to file anyway. If you owe money to the IRS, you could be subject to two different penalties plus interest if you don’t file and don’t pay what you owe by April 15.
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