00:00You know what they say, death and taxes are the only sure things.
00:05You could try to avoid them, but not paying your taxes could have you getting hit with
00:10penalties or worse.
00:12The IRS calculates the failure to pay penalty as 0.5% of the unpaid taxes for each month
00:18or part of a month the tax remains unpaid, according to its website.
00:22You can always dispute a penalty or apply for an extension under the IRS's terms.
00:26Even if you get on a payment plan, you may still be charged fees on the outstanding balance.
00:32Money Talks News highlights that if you are owed a refund, you likely won't get it if
00:37you still owe taxes.
00:38Don't ignore the problem.
00:40Seriously delinquent tax debt could mean garnishing of wages, tax liens and revoking your passport.
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