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Well, you end up paying a penalty on the amount you owe at 5% per month (4.5 % for not filing and 0.5% for not paying). The total penalty for failure to file and pay can eventually add up to 47.5% (22.5% late filing, 25% late payment) of the tax owed. Interest, compounded daily, is also charged on any unpaid tax from the due date of the return until the date of payment. The point is that failing to file a tax return should never be an option. What if you fail to file?
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File your taxes with the IRS. If you are using Free File Fillable forms, free file software, or another form of software that you are paying for, these resources will e-file your return for you when you are done. If you are working with a tax professional, she can file the forms for you.
https://www.wikihow.com/File-Back-Taxes
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If the IRS contacted you requesting back taxes, use the address that they provided in their correspondence to you. Otherwise, use the address you would normally use to file your taxes. It can be found in the instructions, or on the IRS website. You can e-file your taxes for free up to six months after the filing deadline. Filing will also start the statute of limitations on what the IRS can audit and what they can collect.
https://www.wikihow.com/File-Back-Taxes
However, that three-year time limit does not begin until you file. starting the statute of limitations (ten years after assessment) for collection of the tax, interest, and penalties on your return. Again, this means the IRS cannot collect the tax, interest or penalties after ten years from the date you file.
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Just like the statute of limitations expirations, you're tax debt will be eligible for Bankruptcy sooner if you file immediately. If the IRS finds that you owe them money, they will send you a bill called a Notice of Tax Due and Demand for Payment. This bill includes the taxes you owe, plus interest and penalties.
https://www.legalzoom.com/articles/what-are-the-penalties-for-not-filing-taxes
Has April 15 th come and gone and you have avoided filing your taxes? Maybe you don't have the information to complete your return, or you don't have enough money to pay your tax and are afraid to file your return. Whatever the case may be, not filing your taxes has very serious consequences.
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Always use the correct form for the year you are filing. You can’t use this year’s form for taxes that you plan to file for a previous year's income. You can also get the filing forms online at the IRS website, from an IRS office, or from your tax preparer, if you use one.
https://www.wikihow.com/File-Back-Taxes
You can file for a six month extension to file your return, but you cannot file for an extension to pay your taxes. Use a tax professional. Filing taxes can be confusing even when you give yourself enough time.
https://www.wikihow.com/File-Back-Taxes
how long can you file taxes
You can e-file your taxes for free up to six months after the filing deadline.