If you file your taxes late and don’t file for an extension first, you risk being hit with additional fees for the tardy submission. The penalty amounts to 5% of the taxes owed for each month that the filing is late, up to a maximum of 25%. Under such circumstances, watch your mailbox for a notice from the IRS informing you of a late fee.

For taxpayers who owe money, the consequences of a late filing can be costly, with steep monthly charges and daily interest accruals that quickly add up.