It’s only natural to be concerned about the repercussions of not filing your taxes by the due date. After all, the IRS doesn’t typically like tardiness. However, when you leave your taxes in the safe hands of trained experts like AmeriTax, you don’t have to worry about penalties. We file for tax extensions on your behalf before the due date, and there are no penalties for filing for an extension.

However, it’s important to know the possible penalties for late payments. If you don’t pay the total amount the IRS has requested by the tax filing deadline, you can be charged interest on the balance until you pay it. Late payment penalties might also apply if you don’t pay 90% of the owed amount. Typically, the IRS charges a late fee of 0.5% on the amount you owe for each month and up to 25%.

If you have already passed the filing deadline without requesting a tax extension, you might also be charged a late filing penalty of 5% of the owed amount each month up to 25%.