The penalty for filing late is usually 5 percent of the amount due for each month or part of a month a return is late.
Interest usually accrues at a rate of one-half of 1 percent of the amount due for each month or part of a month a return is late.
No late-filing penalty will be assessed to filers who sought an extension. But they will be charged interest.
The IRS will consider interest reductions for people who can establish a reasonable cause for filing late.
People who did not ask for an extension will be charged both the penalty and interest.
Pay as much as possible • Then apply for an installment plan to pay the remaining balance.
File IRS Form 9465 to apply. Or apply online at http://1.usa.gov/1yKtc.
Fill for free • Free electronic filing is available to taxpayers with incomes of $57,000 or less.
You may qualify for a refund • Even if your income is below the normal filing requirement, you may be entitled to a refund of taxes that were withheld from your wages.