While you'll likely have to pay penalties and interest, there are options available to reduce those costs and in some cases, prevent them.

If you file your taxes late and don’t file for an extension first, you risk being hit with additional fees for the tardy submission. The penalty amounts to 5% of the taxes owed for each month that the filing is late, up to a maximum of 25%. Under such circumstances, watch your mailbox for a notice from the IRS informing you of a late fee.