Function

• Tax deadlines are established to ensure the proper functioning of governmental agencies and provision of services.
  
  

Identification

• The definition of an overdue tax payment is one that is made after the legal deadline.
  
  

Misconceptions

• The most common misconception is that by requesting an extension you are able to pay taxes at a later date. In fact, the taxes are still due on the deadline date; the extension allows you to file the return beyond the deadline.
  
  

Significance

• The failure to pay taxes on time results in the imposition of interest and penalties on top of the base obligation.
  
  

Warning

• Repeated failure to pay taxes on time, or the accumulation of overdue taxes, results in additional legal action taken against you by the taxing authority.