If you're hesitant to file your taxes, follow these steps.

Published on April 8, 2013, the law is clear: deceiving the IRS or falsifying information on your tax return is a serious offense that can lead to imprisonment for up to three years. Not only that, but individuals may face hefty fines of up to $250,000, while corporations could face up to $500,000. And let's not forget the additional costs associated with the legal proceedings. The message from Uncle Sam is crystal clear: don't even think about it. Trust us, he will catch you.

With only a week left before the tax filing deadline, you may be feeling the pressure. Perhaps you're still scrambling to gather all your receipts, haven't had a chance to meet with your tax preparer, or just realized there's a major tax issue that needs to be addressed. In this situation, what are your options?

Well, one option is to file for an extension. If you truly believe that there is no way you can file your taxes by April 15th, you can submit IRS Form 4858, also known as Automatic Extension of Time to File. This simple half-page form requires basic information such as your name, address, and Social Security number. It's a straightforward process and will give you an additional six months to get your taxes in order.

But here's the catch - if you owe taxes, you still need to make a payment or at least a close estimate of what you owe. Don't try to make up a random amount, as the IRS may deem it unreasonable and reject your request for an extension. This could lead to penalties for not filing on time.

While the law doesn't explicitly require you to pay your tax bill in order to get an extension, it's recommended that you do so. Otherwise, you may end up owing even more in the long run. The IRS will add interest to any unpaid taxes after the April deadline, along with a late payment penalty.

For more information and resources, you can visit the official website of the IRS at www.irs.gov. And for a deeper discussion on taxes and reparations, you can check out insights from Tiffany Cross, Angela Rye, and Andrew Gillum.

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