Every year us American's have to be responsible adults and pay our taxes and basically there's no way around it!

April 15th will be here before you know it and to be on the safe side of Uncle Sam it's best to not be late when filing.

According to the Huffington Post, filing your taxes late is actually worse than paying them late and it could do a lot of damage to your wallet.

If you file your taxes late the following will happen,

  • You will be hit with a failure to file penalty which you can be charged 5% of your unpaid taxes for EVERY month your return is late up 25% of the balance.

If that don't get your attention if you wait to file more than 60 days before the due date you MUST pay a minimum fine of $205, or 100% of your unpaid taxes depending on which is smaller.

Owing back taxes can also do you harm if you're purchasing a home and failure to pay will even land you in jail for one year you failed to file.

In other words.....PAY YOUR TAXES ON TIME!