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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).
April 15, 2015, is the last day to file your 2011 tax return to claim a refund; if you had an extension, your deadline is October 15, 2015. If you miss the deadline, any excess in the amount of tax you paid every paycheck or sent as quarterly estimated payments in 2011 goes to the U.S. Treasury instead of to you.orgotten tax withholdings. The IRS sets minimum gross income levels below which taxpayers do not have to file a return. For example, in 2011, taxpayers under age 65 who were single and made less than $9,500, or heads of household who earned less than $12,2000, had no obligation to file.