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Show Late taxes can be expensive Paying taxes late can be an expensive ex-pensive decision, according to the Internal Revenue (IRS). Interest compounded daily, plus a late payment penalty of up to one percent of the unpaid taxes per month, will be added to your late payments. If your tax return is more than 60 days late, a penalty of the smaller of $100 or 100 percent of the tax Taxpayers who could not file their returns by April 15 should at least have filed an IRS Form 4868 to get an automatic extension. You make a tentative estimate of the year's taxes and submit any balance ba-lance due with the form. The extension exten-sion allows four months for final filing, and is not an extension to pay the IRS emphatically states. |