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.
While estate taxes seem to get all of the publicity when it comes to taxes owed after someone dies, the reality is that the majority of estates will not owe any federal estate taxes. Why not? Because in 2014 the federal estate tax exemption is $5.34 million, and the exemption will only continue to be adjusted upwards on January 1 of each year in the future based on inflation. In fact, with average inflation, the exemption is expected to reach $9 million per person by 2034.