What is the penalty for late payment of state taxes?

The Mississippi Department of Revenue imposes penalties for late payment of state taxes to encourage timely filing and payment. When a taxpayer fails to pay taxes by the due date, a penalty of five percent may be assessed on the amount due. This penalty increases with time. If the tax remains unpaid for a period of more than thirty days, an additional penalty of five percent is added, resulting in a total of ten percent for late payments exceeding thirty days. In addition to the monetary penalties, interest is accrued on the unpaid tax balance. The interest rate is determined periodically and is applied from the original due date until the tax is paid in full. It is important for taxpayers to be aware of these penalties and interest charges, as they can significantly increase the total amount owed. For specific information regarding an individual situation, including potential relief options or payment plans, it is advisable to refer to the Mississippi Department of Revenue's website, which provides detailed guidelines and resources.