What happens now if you didn't pay your taxes?

What happens now if you didn't pay your taxes?
By: Holly Brantley

What do you get when you combine number crunching, paperwork, and stress? Tax Season. It's a time folks love to hate. "You never know what you're going to get back or what you owe. It can be scary," said Anita Smith.

Even more frightening, thinking you might not have enough cash to pay the bill when it's time to drop your return in the mail.

If that describes you, there's good news: Tax advisors say you're not going to jail. "People have two options," explains Jerry Stepenoff of H&R Block. "You can fill out a form 4868 which gives them an extension but doesn't reduce their taxes. The best advice is to mail in what you can. You can also fill out a 9456 and basically it's an installment agreement."

Eventually, you are going to have to pay up. There could be fees, penalties, and interest involved, just like any other loan. But, if you find yourself a dollar short, advisors remind you it's most important to get to the post office on time.