Q: What if my tax return is due, but I don't have the money to pay back taxes to the IRS?

A: If you can't afford to pay back taxes to the IRS, you are not alone. An estimated one in six Americans has some sort of tax problem. While your instinct might be to literally or figuratively hide in the closet, doing nothing is the worst possible move. It's important that you file your tax returns, even if you lack the funds to pay your IRS bill.

Failure to File (FTF) penalties will garner you a 5 percent per month or fraction of a month penalty, up to 25 percent of the net amount of back taxes owed. You will also be charged with a Failure to Pay (FTP) penalty - one half of 1 percent per month or fraction of a month, up to 25 percent, plus interest on the amount owed until you pay the bill in full.

Also consider these important advantages to filing your tax returns.

1) It starts the clock running on the 10-year statute of limitations for the IRS to collect your delinquent back taxes.

2) It demonstrates to the IRS your good faith in trying to comply with the tax deadline, which will be to your advantage when your Certified Tax Resolution Specialist, tax attorney, or CPA negotiates with the IRS to work out a tax debt settlement on your behalf.

3) The IRS will not negotiate with you or your tax resolution professional if you have any outstanding delinquent tax returns that you failed to file for past years. Failure to File will preclude you obtaining any tax relief such as a negotiated Installment Agreement (IA) to pay back taxes over time, or an Offer in Compromise (OIC) that would settle your tax debt permanently for a reduced amount.

If you don't have the money to pay your taxes, consider paying them with a credit card since the interest your credit card company will charge you will ultimately be less than what the IRS will extract. Pay as much of the tax bill as you can, which also goes to show good faith. If you owe money to other creditors, put the IRS at the head of the line, since the IRS has extensive power to place debilitating liens, garnish wages, and levy assets that other creditors do not. Also, it is wise to seek tax help from a qualified tax resolution specialist on how to best negotiate a permanent solution to your specific IRS problem.

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