Late Filing

Interest is charged on any unpaid tax due from the due date of your tax return (usually April 15) until the date of payment. The interest rate is determined every 3 months. There are separate late filing and late paying penalties. If you file on time but do not pay on time, you will generally have to pay a penalty of one half of 1% of the unpaid tax due for each month or part of a month the tax remains unpaid. If you owe tax and don't file on time, the penalty for not filing on time will be separately calculated.