The reality is, filing taxes late can have serious consequences, and what happens if you file taxes late largely depends on whether or not you owe the IRS money—or you’re even required to file (more on that later).
The IRS has various options available to collect what they’re owed, such as levying wages or seizing property, and in some cases, interest rates can be up to 30%. You’ll want to avoid all this by filing your taxes on time (even early!).
Preparing your tax return can range from incredibly simple with a Form 1040 only listing your income, standard deduction, and pertinent personal information to extremely complicated with the need for hiring a tax professional.