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4. File Even If You Can’t Pay

While both failure-to-file and failure-to-pay penalties exist, the first is generally harsher. And don’t panic if you can’t pay what you owe: you may be able to work out a payment plan if you can prove that you truly don’t have the means. You can also have penalties and interest waived for financial hardship due to circumstances beyond your control, such as illness or job loss.

Check out 5 Ways to Get Out of Credit Card Debt!