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).
A tax return is an annual federal financial report that assembles and reports tax payments, tax deductions, credits, and income received for money earned during the prior calendar year (or tax year).
A substitute return won’t include all the details you’d like shown about your tax picture, costing you money for not claiming applicable deductions, credits, or other tax items which benefit your bottom line.
People who are in a position to pay their taxes should make payments as they go.That means that you are showing people that you are acting in good faith to pay what you owe, and this will also lower the amount of money you would have to pay (that’s how paying bills works!).