What is the Penalty for Late Taxes?
Taxes are late after the 15th of April, but the IRS will not charge you a fine if you file within 60 days of that date. As soon as those 60 days are up, the fine is automatically $135 or an amount of the unpaid taxes. There are different penalties for failing to file than failing to pay (which means filing your paperwork, but not paying the taxes owed).
The late filing penalty is usually 5% of the unpaid taxes for each month (or part of a month) that the tax return is late. This means that if you are late to file by one day, you owe 5% of your unpaid taxes. If you are late to file by 29 days, you owe 5% of your unpaid taxes. If you are late to file by 32 days, you owe that original 5% plus an additional 5%.