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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).
It is very important to know that an extension to file taxes is not the same as extension to pay taxes. If you owe taxes, you have to make a payment on or before April 15 for at least 90% of your estimated liability or face interest and penalties.If you miss a tax extension deadline, you can no longer file for extension but you can still file your tax returns.here are three ways to file for extension to file tax returns: 1  Fill our Form 4868 and send to appropriate address; that information can be found in instructions for Form 4868. 2  File Form 4868 electronically using IRSâs FreeFile service; FreeFile will open on January 30, 2013.