The article explains the implications of failing to file tax returns by the deadline of April 15. If taxpayers don’t owe taxes or are expecting a refund, there are no penalties for late filings, but they must file to receive any refunds. On the other hand, if taxpayers owe taxes, the penalties for failing to file are stricter, making it crucial to file as soon as possible, even if payments can't be made immediately. Taxpayers have up to three years to claim refunds before they expire, highlighting the importance of filing returns on time.
If you owe a tax bill and you haven't filed your tax return, the consequences can be severe, as the failure to file penalty is much steeper than simply not paying your taxes.
Not filing your tax return when you owe money to the IRS can lead to severe penalties. It's crucial to file as quickly as possible, even if payment isn't possible.
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