If you paid at least as much tax (through withholding and quarterly estimated payments) as the total tax the previous year, AND you file a return or extension by April 15th, there is no penalty even if you owe a bunch this year.
As long as you file by April 15th, or file an extension and file your 1040 by October 15th, the penalty is fairly small and amounts to about 5% annual interest on the unpaid amount, calculated on a daily basis until paid. So you are probably looking at $50 or so. Just let the IRS figure the penalty, they'll send you a bill.
It's the "failure to file" penalty that's expensive -- 25% of the tax due, then the "failure to pay" gets added on to that.
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Today's Featured Article - Talk of the Town: Trailerin a Tractor, Chains or Straps? - by Staff. Another great discussion from the Tractor Talk Discussion Forum. The discussion started out with the following post: " I bought a trailer and plan to take my CASE VAS to some shows. I don't yet have anything to secure it to the trailer. So which is better to buy and use; the ratchet-type straps or binders and binder chains?
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