COLUMBUS, Ohio (WCMH) — The close of this year’s tax season is quickly approaching, as the deadline to file your return, pay what you owe or request an extension is April 15.  

But according to NBC News, some taxpayers are refusing to file, “protesting the process,” citing concerns and uncertainty around the recent cutbacks and layoffs within the Internal Revenue Service.

Tax experts said foregoing your federal filing can be costly.  

“If you haven’t filed, and especially if you haven’t extended to file, you probably need to get after that as soon as possible,” Mark Steber, Jackson Hewitt’s chief tax officer, said, adding that there are several penalties that could end up costing late filers a whole lot more.  

“The failure to file penalty, which is a pretty big penalty,” Steber said. “It can be up to 25 percent of the amount of tax that was due with the tax return plus interest, and it’s not a one-time fee. It compounds daily. So, it’s in your best interest to take care of it if you miss the deadline.  

“There’s also a failure to pay penalty separate from the failure to file penalty, and it is also a 25 percent penalty, and it also continues to compound daily for the penalty and the interest,” Steber said. “And then there’s an underpayment penalty if you didn’t pay your taxes throughout the year. And then, on top of those, you have interest. As I mentioned, you probably have a professional fee to clean that up, because it’s not that easy, unless you just want to write a big check. And the thing that I would keep in mind is penalties, interest fees, those all add up.” 

Even if you request an extension by the deadline, Steber said that doesn’t mean you get more time to pay if you owe money to the IRS.  

“People say, ‘Go ahead and extend if you don’t have the money.’ That’s not correct,” Steber said. “It’s merely an extension of time to send in your paperwork. You had to pay in the vast majority. And by that amount, it’s about 90 percent by the due date. If you miss that, then you’re at risk. And what people haven’t really fully understood or appreciated is, it’s a pretty simple math equation for the IRS to catch. You know, if the IRS is good at one thing, it’s helping taxpayers. If they’re good at a second thing, it’s getting their money, and they always get their money.”  

So, if you haven’t filed, it’s best to get it done before Tuesday.