Get your taxes done using TurboTax

@redvelvet Thanks for the Question!! You must file your return and pay your tax by the due date including extensions to avoid interest and penalty charges. https://www.irs.gov/taxtopics/tc653

https://turbotax.intuit.com/tax-tips/irs-tax-return/filing-your-taxes-late/L7IhvwH9b

If you have a balance due

If you haven't paid all of the tax you owe by the filing deadline:

• You'll likely end up owing a late payment penalty of 0.5% per month, or fraction thereof, until the tax is paid.
• The maximum late payment penalty is 25% of the amount due.
• You'll also likely owe interest on whatever amount you didn't pay by the filing deadline.

If you didn't get an extension

• You are also looking at a late filing penalty of 5% of the unpaid tax per month, plus interest.
• The maximum late filing penalty is 25% of the amount due.

For S -corp: When S corporations fail to file Form 1120S by the due date or by the extended due date, the IRS typically imposes a minimum penalty of $210 (for 2022) for each month or part of the month the return is late multiplied by the number of shareholders. If the corporation files its Form 941 after the deadline and it has an unpaid tax balance, a 5 percent penalty may be assessed on the balance for each month or partial month the tax is late, up to a maximum of 25 percent. Similar penalties apply to filing Form 940 after the due date as well. https://turbotax.intuit.com/tax-tips/small-business-taxes/s-corp-federal-tax-filing-dates/L1U6tYGMt

https://turbotax.intuit.com/tax-tips/small-business-taxes/filing-a-business-tax-extension/L5MDFPZkB