Paying your taxes in full now will be the cheapest way out.
You have to file a return to be entitled to deductions, personal exemptions, and credits to lower your tax.
If you're entitled to get the earned Income Tax Credit, you still have to file a return even if you otherwise didn't have to file. You have to file within 3 years of the date it was due.
If you are self employed and don't file
You can lose social security benefits. The Social Security folks use the tax return info to determine where you stand for benefits.
You will pay more if you pay by installment.
Taxpayers unable to pay all taxes due on the bill are encouraged to pay as much as possible. By paying as much as possible now, the amount of interest and penalties owed will be lessened.
A lot of people break out in a nervous sweat and get the shakes when it comes time to file their taxes.
The first time that I tried to file by myself left me with a feeling of confusion because I did not bother to read any information about how to go about it in a fair way, a way that didn't leave me broke and living in a cardboard box in the alley.
I just had at it without reading anything and it was overwhelming. I assure you that after all these years I won't get into a difficult situation like that without any proper info and good forms to file.
Some folks just file as fast as they can to get it over with. They loose out on a bunch of legitimate deductions and allocations that could have saved them a ton of money at tax time.
I would rather be getting a nice tax refund than pay the IRS a lot of money. Pay attention to the details.