What Happens if You Didn't File Your Taxes?

Today is tax day - the day that Americans file personal income tax returns with the federal government. 

Some people complete tax paperwork and file as soon as the W2's arrive in the mail. Others procrastinate until today, April 15. Others find themselves stuck because paperwork isn't in order or more money is owed than is available. 

Are you a tax procrastinator or do you get your taxes filed as soon as possible? Tell us in comments. 

So what happens if you don't file your taxes by April 15? 

According to MSN Money, the Internal Revenue Service (IRS) offers an automatic six-month filing extension for taxpayers who can't file by April 15. This year the due date is Oct. 15, and taxpayers qualify by filing Form 4868.

The IRS warns that an extension to file is not an extension to pay. 

If you are ready to file but simply don't have the money to pay, the IRS recommends filing on time and paying what you can. According to an IRS news release, filing on time will help taxpayers avoid a late filing penalty. 

The IRS offers these tips:

1. File on time and pay as much as you can. Paying as much as you can reduces the late payment penalty and interest charges. For electronic payment options, see IRS.gov. If you pay by check, make it payable to the United States Treasury and include it with your return.
2. Consider getting a loan or paying by credit card. The interest and fees charged by a bank or credit card company may be lower than IRS interest and penalties. For credit card options, see IRS.gov.
3. Request a payment agreement.  You do not need to wait for IRS to send you a bill before requesting a payment plan. You can use the Online Payment Agreement tool at IRS.gov, or complete and submit Form 9465, Installment Agreement Request, with your tax return. Find out about payment agreement user fees at IRS.gov or on Form 9465.
4. Don’t ignore a tax bill.  If you get a bill from the IRS, contact them right away to talk about payment options. The IRS may take collection action if you ignore the bill, which will only make things worse.

For more last minute tax tips, visit www.irs.gov.