What is the penalty for late payment of state taxes?

The penalty for late payment of state taxes in Mississippi varies depending on the amount owed and the duration of the delay. Generally, if the tax payment is not received by the due date, a penalty of 1% per month is imposed on the unpaid amount. However, if the payment is delayed for more than 60 days, an additional 1% per month penalty is added, reaching a maximum penalty of 25%. It's important to note that interest is also charged on the outstanding balance. The Mississipi Department of Revenue encourages taxpayers to make timely payments and offers various online payment options to ensure prompt and convenient submission. It is advisable to consult the department's website or contact their customer service for detailed information specific to individual situations.