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20 May, 00:17

What would happen if you didn't file taxes?

The first time, the IRS would file for you and you'd owe more than you would have if a) a) you had filed yourself, plus penalties and interest.

b) The IRS would conduct an audit and you'd owe penalties and interest.

c) The first time, the IRS would probably overlook it. If they caught it, you'd face jail time, plus owe all the taxes and penalties and interest.

d) It's impossible to avoid filing taxes.

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Answers (2)
  1. 20 May, 00:27
    0
    The IRS would prefer option D, but in reality no system is perfect, therefore the correct answer is:

    B) The IRS would conduct an audit and you'd owe penalties and interest.

    Explanation:

    Not filing your taxes is different from not paying your taxes. If you do not pay your taxes the IRS will fine you, but if you do not file your taxes the fine is much larger and the taxpayer might face time in prison.

    If you don't file your taxes, the IRS will fine you 5% per month starting the next day after the deadline passed. If you are more than 60 days late, the fine will be at least $135 or 25% of taxes due. If you file your taxes but are not able to pay, the fine will only be 0.5% (per month) of your taxes due.
  2. 20 May, 00:37
    0
    you will be fined and imprisoned.
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