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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).
Tax extensions are due on Tax Day every Tax Year. After that date, the IRS will no longer accept extension requests for that Tax Year. For example, after April 15, 2014, you can no longer file or efile an extension for your 2014 tax return.ax Tip: If you owe taxes, but you have missed the deadline to efile an extension, you should efile your tax return now to avoid further penalties, fees and interest. After April 15, 2015 you can no longer efile a tax extension. You will still be able to prepare and efile a tax return past the deadline.