When you do not pay your taxes by the due date, you will start to accrue interest and penalties on the outstanding amount. As time passes, you may be subject to liens on your property or garnishment of your wages. In the most extreme tax evasion situations, you may even be subject to up to five years in jail and $100,000 in fines.

If you filed on time but didn't pay all or some of the taxes you owe by the deadline, you could face interest on the unpaid amount and a failure-to-pay penalty. The failure-to-pay penalty is equal to one half of one percent per month or part of a month, up to a maximum of 25 percent, of the amount still owed.

If you owe money to the IRS and don’t pay, the IRS will determine what you owe and charge you additional money in the form of failure-to-pay penalties, as well as accruing interest. If you can’t pay and decide not to file your taxes, the IRS will hit you with additional failure-to-file penalties.

You’ll owe more in the end, with penalties and interest. If you don’t file your return on time and pay the tax you owe, the IRS will charge you (or, “assess”) a failure to file penalty that can add up to 25% more to your tax bill. On top of that, the IRS charges interest on the taxes and the penalties you owe.

If you owe taxes but can’t afford to pay them, you have three options: A monthly installment plan. An offer in compromise. Partial payments. You can choose one of these solutions to take care of taxes owed, depending on your financial situation.