What are the penalties for not filing taxes?

In Arizona, if you do not file your taxes on time, you may be subject to penalties from the state and federal government. If you fail to file your taxes by the due date of April 15th, the Arizona Department of Revenue will impose a 5% penalty on the amount due, plus interest on any unpaid balance. In addition, the federal government will also impose a 5% penalty on the amount due, plus interest. These penalties can quickly add up, so filing your taxes on time is important. Additionally, if you do not file your taxes for several consecutive years, you may be subject to additional criminal penalties. This includes penalties such as fines and jail time. If you do not pay the taxes that you owe, you may also be subject to additional penalties. This could include the seizure of your assets, such as your bank accounts and property. In addition, the Internal Revenue Service may file a lien against your property. A lien is a legal claim against your property that allows the IRS to receive payment for the taxes that you owe. It is important to remember that it is always best to pay your taxes on time, as the longer you wait, the more the penalties and interest can add up. Additionally, you should always seek advice from a tax professional if you are uncertain about how to file your taxes or how to make payments.

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What are the penalties for not filing taxes?

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