what is the penalty for filing taxes late
1 The penalty for filing late is normally 5 percent of the unpaid taxes for each month or part of a month that a tax return is late. 2  That penalty starts accruing the day after the tax filing due date and will not exceed 25 percent of your unpaid taxes.ere are eight important points about penalties for filing or paying late. 1  A failure-to-file penalty may apply if you did not file by the tax filing deadline. 2  A failure-to-pay penalty may apply if you did not pay all of the taxes you owe by the tax filing deadline.