The IRS has clarified that while extensions grant more time to file tax returns, they do not extend the deadline for paying ...

For taxpayers who owe money, the consequences of a late filing can be costly, with steep monthly charges and daily interest ...

If you file your taxes late and don’t file for an extension first, you risk being hit with additional fees for the tardy ...

The IRS says the typical late-payment penalty is 0.5% per month, and will not exceed 25% of unpaid taxes. The interest rate on late payments is adjusted quarterly, and is currently 4% per year ...

For those who missed the April 15 deadline, they will face monetary penalties, including failure-to-file and late-payment penalties. The failure-to-file penalty applies if the taxpayer doesn't ...

This is in addition to a 0.5% monthly penalty for late payment. Together, you could face a surcharge of up to 25% of the total if the delay is prolonged. In addition to penalties, the IRS charges ...

Taxpayers can request a six-month extension to file their return, but payment is still due by the original deadline. Penalties apply for filing late or not paying taxes owed. Tick, tick tick.