You know, don't push the button, don't push the button, don't push the button, and then some socko finish. I was pleasantly surprised by how the book bobs and weaves and is a lot more active and entertaining that just that. MILD SPOILER, so don't tell your four year old.
The late payment penalty applies to any portion of your federal tax that remains unpaid as of the due date, typically the tax filing date. The IRS imposes a failure-to-pay penalty of one half of one percent for each month or part of a month that the tax goes unpaid.
What is the penalty for filing a tax return late (if taxes are owed)? The penalty for filing a tax return late is generally five percent of the total tax owed per month (known as the failure to file tax penalty). The penalty is capped after 5 months (25%). Additionally, there is a minimum penalty of the lesser of 100% of the tax owed or $135 ($100 if the return was required to be filed before December 31) if the return is over 60 days late. No. Taxpayers who owe no additional taxes and/or are due a refund will not be charged a penalty for filing their return late.