What are the penalty and interest charges if I pay my income tax late?
If you file and pay late, penalty is due at the rate of one percent per month to a maximum of twenty-five percent of the tax due. Interest is also due at the annual rate of 1 percent above the current prime rate. The interest rate is adjusted on January 1 and July 1 of each year. If the computed penalty and interest amount is less than $2.00, the minimum late charge is $2.00.
