Tackle Tax Trouble: How to Address Late Filings before Consequences Pile Up!

Missed the tax filing deadline? No need for panic, but act swiftly! The IRS maintains a strict policy on late returns, imposing significant penalties: 5% monthly, potentially escalating to a total of 25%, plus daily interest at 7%. If expecting a refund, you’re safe—though you must claim it within three years. Facing financial struggles? Contact the IRS for an installment agreement; it’s smarter than disappearing. Avoid scams promising quick fixes and seek assistance from Low Income Taxpayer Clinics. Take action promptly to minimize repercussions.