What are the penalties for paying my personal taxes late?

If you don't pay your personal income taxes by the deadline, the Internal Revenue Service (IRS) may impose penalties and interest charges. Below are some of the penalties that may apply:

1. Failure to Pay Penalty: If you do not pay your taxes by the due date, the IRS will charge a penalty of 0.5% of the unpaid tax for each month or part of a month that the tax is late, up to a maximum of 25% of the unpaid tax.

2. Interest Charges: The IRS will also charge interest on any unpaid tax from the due date until the date of payment. The interest rate is determined quarterly and is based on the federal short-term rate plus 3%.

It's important to note that these penalties and interest charges can add up quickly, so it's best to pay your taxes in full by the due date to avoid them. If you are unable to pay your taxes in full, you may be able to set up a payment plan with the IRS or request an offer in compromise to settle your tax debt for less than the full amount owed. However, interest and penalties will continue to accrue until your tax debt is paid in full.