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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).
To get an extension, you'll need to file Form 4868, Application for Automatic Extension for Time to File U.S. Individual Income Tax Returns. The deadline to file for an extension is still April 15, and if you don't at least do this, you'll owe IRS penalties and interest for late filing.And while filing an extension extends the deadline to file your final 2014 tax return until Oct. 15, it doesn't give you more time to pay the taxes you owe.If you don't pay the 2014 tax you owe by April 15, the IRS can charge interest at a current rate of about 3.4 percent on the unpaid amount.eep in mind that filing for an extension for your federal tax return doesn't automatically extend the filing deadline for your state return. So, make sure to also file for an extension for your state and pay the state income taxes you owe as well.