A) If you file your IRS taxes late, you may be subject to a penalty. The penalty is usually 5% of the unpaid taxes for each month or part of a month that the return is late. The penalty is capped at 25% of the unpaid taxes.
For example, if you owe $1,000 in taxes and you file your return 6 months late, you will be charged a penalty of $150.
You may also be charged interest on the unpaid taxes. The interest rate is usually the same as the federal short-term interest rate.
If you have a good reason for filing your return late, you may be able to request a penalty waiver from the IRS. You can find more information about penalty waivers on the IRS website.
It is important to file your taxes on time to avoid penalties and interest. If you are unable to file your taxes on time, you should contact the IRS as soon as possible to discuss your options.