Understand the Consequences of Missing the Tax Deadline…
1. Failure-to-File Penalty: 5% of the unpaid taxes for each month your return is late, up to 25%.
2. Failure-to-Pay Penalty: 0.5% of the unpaid taxes for each month the payment is late, also up to 25%.
3. Interest: Accrues on unpaid taxes from the due date until the balance is paid in full.