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Tax tip: ‘Fess up and pay your 2010 taxes

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If you haven’t filed your 2010 return yet—and didn’t re­quest an extension—you’re only mak­­ing matters worse by dawdling if you owe tax.

The IRS will assess both a “failure to file” penalty (5% of the un­­paid balance per month up to a maximum of 25% of the unpaid balance) and a “failure to pay” penalty (0.5% of the unpaid balance per month for as long as you owe).

To stop the bleeding, pay your bill by credit or debit card at Alternatively, apply for an installment agreement on Form 9465, Installment Agreement Request.

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