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How to Avoid Paying a Penalty If You Filed Your Taxes Late Kate Dore, Mike Winters Image: shurkin son (Shutterstock) If you missed last week’s extended tax filing deadline, you might be feeling anxious about getting hit with late-filing penalties by the IRS. However, if you don’t have a recent history of filing your taxes late, it’s possible to apply for something called a first-time penalty abatement, which will waive some of your penalties. Here’s a look at how you can apply. Advertisement How the IRS’ late fees work First off, if you are expecting a refund, there’s no penalty for filing late; however, if you owe taxes and missed the May 17 deadline without requesting an extension, you should file quickly to limit penalties and interest.

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