If you paid at least as much tax (through withholding and quarterly estimated payments) as the total tax the previous year, AND you file a return or extension by April 15th, there is no penalty even if you owe a bunch this year.
As long as you file by April 15th, or file an extension and file your 1040 by October 15th, the penalty is fairly small and amounts to about 5% annual interest on the unpaid amount, calculated on a daily basis until paid. So you are probably looking at $50 or so. Just let the IRS figure the penalty, they'll send you a bill.
It's the "failure to file" penalty that's expensive -- 25% of the tax due, then the "failure to pay" gets added on to that.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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