by 
The Curious Bag
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No matter what type of tax obligation you face---income, sales, property or some other liability---there are certain penalties and additional costs that attach if you fail to file your taxes in a timely manner.
Time Frame
All tax laws (on the federal, state and local levels) set forth specific dates upon which returns are filed and taxes paid.
Significance
Governmental entities depend on tax revenue to operate, rendering timely payments a necessity. Associated penalties and other costs for failure to comply with tax laws are significant by necessity.
Types
The added burden on taxpayers for a late tax filing include interest, late fees and other monetary penalties.
Considerations
Provided a valid and reasonable explanation is provided for a late filing, the taxing authority can void penalties and some other charges. Interest on the base amount of taxes due will remain.
Misconceptions
A common misconception on the part of many taxpayers is that paying late results in no real consequences. In fact, in many cases the exact opposite is the case.
Source:
"Federal Income Tax Examples & Explanations;" Joseph Bankman; 2008
"The Ernst & Young Tax Guide;" Peter W. Bernstein; 2007
Cornell Law School: Income Tax Overview
Resource:
Internal Revenue Code
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