The deadline of April 17, 2012 to file your tax return or request an extension has come and gone. Now What?
Interest and penalties add to the total amount you owe, so the sooner you file, even if you can’t pay all or some of the taxes due, the less you will owe. The IRS will deny a request for an extension that is filed after midnight on April 17. However, you should still file your tax return, even if it’s late.
Penalties and interest will usually be added to any tax you owe. The late filing penalty is normally 5 percent per month, or part of a month, based on the unpaid balance, up to a maximum of 25 percent. If the tax return is more than 60 days late, the minimum penalty is $135 or the balance due, whichever is less.
A late payment penalty, normally one-half of one percent per month, may also apply, along with interest, currently at the rate of 3 percent per year, compounded daily.