What to Know about Late Filing and Late Paying Penalties

April 15 is the tax day deadline for most people. If you are due a refund there is no penalty if you file a late tax return.

But if you owe tax, and you failed to file and pay on time, you will usually owe interest and penalties on the tax you pay late.

You should file your tax return and pay the tax as soon as possible to stop them.

Tip:  Penalties may apply.  If you file your federal tax return late and owe tax with the return, two penalties may apply. The first is a failure-to-file penalty for late filing. The second is a failure-to-pay penalty for paying late.