The deadline for filing your federal income tax return -- or an extension of time to file -- was April 17. If you missed it, what should you do? And, even more important, what will the IRS do to you?If you fail to file a tax return or contact the IRS, you are subject to the following: Penalties and interest will be assessed and will increase the amount of tax due. You'll have to pay the IRS interest of 0.5 percent of the tax owed for each month, or part of a month, that the tax remains unpaid from the due date, until the tax is paid in full or the 25 percent maximum penalty is reached. The interest rate increases to 1 percent if the tax remains unpaid 10 days after the IRS issues a notice of intent to levy. You'll also owe a late-filing penalty, which is usually 5 percent of the tax owe...
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