Consumers should still file IRS returns even if money is tight

By Edith Barlow on Mar 20th, 2010

As bills pile up for some Americans, they may find that paying off their taxes becomes a difficult task.

However, a recent report from CNNMoney.com notes that even people who feel as though they can't pay off what they owe to Uncle Sam should still file a return this year. The Internal Revenue Service has a number of programs people may be able to use to help ease their burdens.

"The penalty for not filing is significant, much more than the penalty for not paying," the site said.

The story said that people who don't file their return could face a 5 percent increase in their tax due every month, on top of interest payments. One option for taxpayers are reduced payments made to the IRS.

Consumers who are looking for additional help with their tax problems may want to visit the open houses being held by the IRS over the coming weeks. Meanwhile, general financial problems may find a solution through the assistance of a consumer credit counseling service, which can help people deal with their debt.

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