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If the taxpayer doesn’t file until July 17, which is more than 60 days late, his failure-to-file penalty will be $435 — $435 being the lesser of that minimum or 100% of the tax owed.
According to the IRS, the late filing penalty is 10 times as costly as the penalty for not paying. Here are a few ways to request an extension to file your taxes from the IRS: E-file an extension form
The late filing and late payment penalty is 5% of the net tax due for every month (or part of a month) in which taxes go unpaid with a maximum amount of 25% of your unpaid taxes; the interest rate ...
If you owe a Failure to File Penalty and a Failure to Pay Penalty, the late-filing penalty drops to 4.5% and the late-payment penalty stays at 0.5% for a total of 5.0%.
If both the failure to file and the failure to pay penalties apply during the same month, then the failure to file penalty is reduced by 0.5% each month. The 25% cap above applies to the 5% late filing penalty and the 0.5% late payment penalty together. The late filing penalty may be waived or abated on showing of reasonable cause for failure.
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