Did you owe a balance on your Virginia income taxes this year? If you missed the May 1 filing deadline, or didn't pay your 2013 income taxes by that date, you may be liable for penalties and/or interest on the balance due with the return.

If you filed your return on or before May 1, but didn't pay the tax due, you may be subject to the late-payment penalty. The penalty is assessed on the amount of tax due with the return at a rate of 6 percent per month, from the due date until the date the tax is paid. The maximum penalty is 30 percent of the tax due.

If you didn't file the return or pay the tax due amount on or before May 1, you may be subject to the extension penalty. Virginia law allows an automatic 6-month extension for filing the return, but requires that at least 90 percent of the final tax liability be paid by the original due date. If you have not met the payment requirement, an extension penalty will apply to the balance of tax due with the return, from the due date until the date the tax is paid, at a rate of 2 percent per month. The maximum extension penalty is 12 percent of the tax due.

If you didn't pay the full tax due with your return by May 1, interest charges will accrue on the tax due, even if no penalty was assessed. 

Visit the Penalties and Interest topic page on our website for more for details.