Common penalties include:
- Failure to file – when you don't file your tax return by the return due date, April 15, or extended due date if an extension to file is requested and approved
- Failure to pay – when you don't pay the taxes reported on your return in full by the due date, April 15. An extension to file doesn't extend the time to pay
- Failure to pay proper estimated tax - when you don’t pay enough taxes due for the year with your quarterly estimated tax payments, or through withholding, when required.
For more information, watch this video on Failure to File and Failure to Pay Penalties: https://www.youtube.com/watch?v=98BTLB6_TIs