The April 18 deadline for taxpayers in the US is quickly approaching, and many penalties can await taxpayers who fail to file on time.
The deadline also serves as the deadline to ask for an extension to file one's taxes, though those granted an extension will still need to pay by April 18, as the extension only applies to filing taxes, not paying them. While some may choose to forgo paying/filing taxes, failing to do so can rack up multiple fines and penalties, which could be up to 47.5% of one's original tax bill, plus interest, according to the Wall Street Journal.
Alternatively, a taxpayer can check tax credits and see if they are eligible for any of them, such as the Child Tax Credit and the Earned Income Tax Credit. The former credit is a tax benefit for families with a qualifying dependent child, while the latter is a credit that helps low- to moderate-income workers, according to the Internal Revenue Service.
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