You’ve heard it time and time again: if you’re late on your taxes, it’s in your best interest to file as soon as you possibly can—even if you can’t afford to pay your taxes just yet.
The penalties imposed by the IRS and state governments for not filing are FAR more severe than the penalties for paying late.
Right after that, the second thing you should do is not panic. Generally, the worst thing that will happen if you file late will be a few penalties and the interest that accrued on the tax bill you haven’t paid yet. While this can be a pain, it isn’t the end of the world and most individuals can “dig themselves out”.
Note that if you owe a substantial sum to the IRS and you haven’t filed yet, this is one situation where we at EasierTaxes advise readers to seek the council of a professional accountant. If you owe $20,000 or less, go ahead and file your taxes online.