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Even if you can not pay your taxes, it is still important to file, Smith says: "You must either file before April 15 or file an extension before April 15". Anyone can request an extension, which gives you six more months, until October 15, to file.
If you do not deposit, the consequences can accumulate, thanks to the fees and interest. In addition, you may miss a refund by not depositing.
Let's say you owe $ 10,000 in taxes, do not ask for an extension and pay on October 15, says Smith: "If you do not apply for an extension, you incur a penalty of 5% per month for any breach (25%). % or $ 2,500 as of September 15) and a penalty of 0.5% for October (or $ 50) If you had applied for an extension, the penalty would have been six months at 0.5% , or $ 300. "
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