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So, the IRS can charge interest and penalties when you don’t timely pay or when you don’t timely pay and file. With the October 15th deadline, your tax must be paid in full and your return must be filed if you’re on extension. If you owe tax and you don’t pay by October 15th, you will have penalty and interest, and penalty for late payment of tax.

If you pay your taxes by April 15th, you’re going to avoid late payment penalty and interest. But if you wait to file, even though you’re filing timely in October, you didn’t pay your tax in April, you’re gonna have penalty and interest, and there’s multiple types of penalties you could face.