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What are the consequences of not filing your taxes on time?

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If you don't file, you'll face a failure-to- file penalty. The penalty is 5 percent of your unpaid taxes for each month your tax return is late, up to 25 percent. Plus, if you file more than 60 days late, you'll pay a minimum of $135 or 100 percent of the taxes you owe (whichever is less).
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