The Internal Revenue Service may levy interest charges on any unpaid federal taxes owed moreover, impose a failure to file penalty if you fail to file your tax return or tax extension by the suitable filing deadline (15th March for Business and 17th April for Individuals). The IRS may impose a failure to file penalty from a minimum of 5 percent per month or part of a month of the taxes due. It may be up to a maximum of 25 percent of the total taxes due. The minimum penalty is $135 regardless of you owe taxes of not, if your tax return is late more than 60 days. The sooner you file your tax return or tax extension, the less you are likely to owe the IRS, no matter you cannot pay all or some of the taxes due.