What Happens If You File Taxes Late?

If you file your taxes late, you will have to deal with three problems:The IRS failure-to-file penalty (equal to 5% of the balance due on the return for every month or part of a month the return is late, up to a maximum of 25%)The IRS failure-to-pay penalty (equal to 0.5% of the balance due on the return for every month or part of a month the tax is unpaid, up to a maximum of 25%)IRS interest chargesArguably the worst of these problems is the IRS failure-to-file penalty, which you can avoid by filing an extension as I describe here:    • Who Is Required to File a Tax Return? Mini...