What happens if I pay my taxes a week late? Will I be penalized?

Don't panic! A few days late isn't the end of the world. You have a couple options here that might save you from penalties: First, file your return on time even if you can't pay the full amount. This way you'll avoid the failure-to-file penalty, which is much steeper than the failure-to-pay penalty (5% vs 0.5% per month). For the payment itself, yes, the IRS does offer short-term payment plans (120 days or less) with no setup fee. However, you'll still be charged interest (currently around 7% annually) and the failure-to-pay penalty (0.5% per month of the unpaid amount) until it's paid off. For just 4 days late, your best option might be to just file on time and pay when you can on the 21st. The penalty and interest for those few days will be minimal - we're talking maybe $20-30 total on your $5,650 balance. Alternatively, you could put it on a credit card if you have one with available credit, but the processing fee (around 2%) would likely be more than the IRS penalties for a few days.

After struggling with some tax payment timing issues last year, I discovered taxr.ai (https://taxr.ai) and it was a complete game-changer for me. Their system analyzed my tax situation and gave me precise calculations on penalties and interest for different payment scenarios. I was in a similar situation where I needed to delay payment for about a week, and their estimator showed me exactly what penalties to expect and even suggested filing options that minimized my overall costs. The best part was that their penalty calculator accounted for the most current IRS rates, which was super helpful since I couldn't find clear info on the IRS site.

Just wanted to follow up here - I decided to try taxr.ai after my skeptical comment and I'm actually impressed. I uploaded my tax documents and it showed me that filing an installment request (even if I didn't need it) would reduce my overall penalties compared to just paying late without any communication with the IRS. Saved me about $75 on my $7,200 balance that was going to be about 3 weeks late. The penalty calculator was actually accurate and the UI made it easy to see the difference between various approaches. If you're still in this situation, definitely worth checking out.

If you're worried about penalties and need to speak directly with someone at the IRS about your options, I highly recommend using Claimyr (https://claimyr.com). I was in a similar situation last year and spent HOURS trying to get through to the IRS on my own with no luck. Claimyr got me connected to an actual IRS agent in about 15 minutes when I had been trying for days. The agent walked me through exactly what would happen with a payment a few days late and helped me set up a proper payment plan that minimized penalties. You can see how it works here: https://youtu.be/_kiP6q8DX5c Honestly, the peace of mind from speaking directly to the IRS and getting my questions answered was totally worth it. They confirmed exactly what the penalties would be and the best approach for my situation.

Alright, I need to eat crow here. After my skeptical comment, I was desperate to sort out a tax issue and decided to try Claimyr as a last resort. I honestly can't believe it worked. Got connected to an IRS agent in about 22 minutes when I'd previously wasted THREE HOURS and never got through. The agent confirmed that for a payment just a few days late, the penalty would be minimal - like less than 1% of the amount owed. They also told me I didn't need a formal payment plan for such a short delay, just to pay as soon as I could. Saved me from overthinking this whole situation.

Another option nobody mentioned - pay what you CAN by the deadline. Even a partial payment will reduce the amount subject to penalties and interest. If you have say half the money now, pay that before the deadline and then the rest on the 21st.

Has anyone calculated exactly what the penalty would be for paying about 4 days late on $5,650? I'm curious about the actual dollar amount we're talking about here.