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 - History of the Nuffield Tractor - by Anthony West. The Nuffield tractor story started in early 1945. The British government still reeling from the effects of the war on the economy, approached the Nuffield organization to see if they would design and build an "ALL NEW" British built wheeled tractor, suitable for both British and world farming.
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