Will you be hit with huge penalties and interest on your IRS tax bill? A lot of people ask this question. There are some tips and tricks. First, it is most important to file your returns on time. The non-filing penalty is much larger than the late payment penalty, even with interest figured in. Second, it is important to declare all your income and maintain the right receipts for your deductions. This can save you big money if you are audited by the IRS.
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