With the April 15 deadline for filing 2023 federal income taxes fast approaching, many Americans are completing their taxes and discovering whether they will receive a refund or owe a tax debt. Last year, nearly two-thirds of filers received a tax refund, according to IRS data. On the other hand, the IRS reports that 18.6 million taxpayers owed over $316 billion, an average debt of around $17,000.
If you owe money, it’s still wise to file your taxes on time, even if you can’t pay the full amount. Remember, filing late can lead to penalties, and you may be able to set up a payment arrangement with the IRS.
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