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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).
Usually, this extension is for no more than 6 months, unless you are living abroad. If you haven't made the deadline, then you will need to file for an extension online, by mail or with help from your tax preparer. This article will tell you how to extend the deadline for taxes in the United States.