I'll share some information on what happens if you fail to file your tax returns, Mitchell.
At the most basic level, you'll need to file a tax return each year through the IRS to figure out your tax liability. At the same time, you'll also need to pay local taxes.
Generally, when you don't file and pay your taxes by the due date, you'll start to accrue interest and penalties on the outstanding amount. Aside from that, you could either be subject to audits.
You'll just have to make sure to file by the regular deadline, even if you can't afford to pay your taxes on time. You may also want to get on a monthly installment plan, request an offer in compromise, or even make a partial payment. However, I still recommend contacting the IRS so they can guide you and give you the easiest way to comply with them.
In addition, learn from these articles in case you want to know more about how you can pay and file your federal, state, and local taxes and if you're set up to them electronically.
You can always reply to a comment below if you have any other questions or concerns when filing taxes. Remember, the Community is always here to assist you and ensure everything is running smoothly on your end.
