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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).
Now that you have filed or efiled a tax extension, you have met your filing requirements (until October 15), but NOT your payment obligations if you owe taxes. If you did not file a tax return or extension by April 15, you have until October 15, 2015 to efile your 2014 Tax Return!Start preparing and efiling your return below! Start Tax Return Now.ut the later you file, the later you will get any refund you have coming. If you owe taxes, penalties and interest will begin to accrue after April 15. The worst penalties are for filing late, so you should go ahead and file your tax return now, even if you can't afford to pay what you owe.