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You will probably face two types of penalties: one for not filing or efiling a tax return or extension on time, and one for not paying your taxes on time. The failure-to-file penalty is 5% of your balance due for every month (or part of a month) in which your taxes go unpaid.he failure-to-file penalty amount will be reduced by the amount you owe for failure-to-pay. The maximum amount you will owe for filing late will be 25% of your unpaid taxes. If you file more than 60 days late, your minimum failure-to-file penalty will be 100% of your unpaid taxes or $135 (whichever is smaller).
Except in limited circumstances, filing for an extension doesn't give you more time to pay your taxes. If you owe money to the IRS, you should estimate your tax bill and include payment when you file your extension, the IRS says.The IRS accepts credit cards, although you'll have to pay a convenience fee of 1.89% to 3.93% of your payment.rocrastination isn't the only reason millions of taxpayers file for an extension every year. Some ask for more time to file because they haven't received all of the documents they need to prepare their taxes.