Everyone’s tax situation is different, and although there can be various reasons behind anyone’s failure to file taxes on time, there are actual consequences to expect when your taxes are filed late.

Missing the April deadline is one thing but in the case of filing taxes, late really is better than never. Tax penalties and consequences of failure to file are real. Despite what you may have heard, it is far better to file your taxes late than not at all; and in the long run you’ll be better off taking care of your tax situation versus waiting for the IRS to initiate contact.