Filing taxes late
Here are some pointers if you file and/or pay your taxes late:
A failure to file penalty is generally more than a failure to pay penalty, so even if you can’t pay your taxes in full, you should still file on time and pay as much as you can.
The penalty for late filing is normally 5% of the unpaid taxes for each month the tax return is late.
The penalty for late payments is 1/2 to 1% of your unpaid taxes for each month the taxes are unpaid.
If you are facing the failure to file and failure to pay penalties, the max you will pay for both is 5%.
If you file more than 60 days late, the minimum penalty is the smaller of $135 or 100% of the unpaid tax.
If you are due a refund, do not worry, you can file up to 3 years after the due date of your return and still get a refund. You will not pay a late filing penalty.