What can happen if you don’t file your taxes?
If you owe taxes then you’ll find yourself in a nasty situation. You could be subjected to failure-to-file or failure-to-pay penalties. That also includes interest. When the IRS will notice that you owe taxes, they will send you a Notice and Demand for Payment. In case you don’t pay, the situation will get even worse.
The IRS will place a lien against your home, bank accounts, and property.
You can also apply for a penalty plan. If you’re unable to pay the full amount of your taxes, you can apply for a payment plan. That way you will reduce any future penalties.
