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You will pay a penalty of 0.5% per month or partial on the unpaid balance. Plus you will pay interest at a variable rate that is currently 4% per year.

If you don't file your return by April 15, the penalty will increase to 5% per month.

The IRS will start sending you bills. If you don't pay, then after a while, they will garnishee your paycheck (which will make your employer very angry) and/or freeze your bank accounts (which will cost you a fortune in bank and bounced check fees). And if you keep doing it year after year and refuse to cooperate with them to resolve your problems, they may even refer your case for criminal prosecution.

Even if you can't send any money, file your tax return on time. As you can see, the penalty for not filing your tax return is TEN TIMES as much as the penalty for just not paying. Always send in your tax return on time whether or not you can pay.

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Q: If you owe taxes and don't send it by April 15 what will happen?
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