With just five days to go before the dreaded tax deadline (it's the 17th this year because the 15th falls on a Saturday), ask yourself this: What happens, really, if I uh, miss the deadline? Does the government impose a heart-stopping penalty? Do IRS agents surround my home to enforce it?

Of course not. In fact, for the vast majority of taxpayers what happens is nothing. Absolutely nothing.

You see, the penalty for missing the filing deadline is a percentage of the tax owed with the return. If the IRS owes you, there is no penalty. That means the 70% or so of all taxpayers who have refunds coming really don't have to worry about the deadline.

Of course, if you have a refund coming, you should have filed as early as possible to get your money. But you don't have to worry yourself sick to finish the forms by midnight April 17 or join in the mad rush to the post office.

What if you owe money with your return? You can push the filing deadline back by six months -- to October 16 -- by filing a Form 4868. More about that tomorrow.

Back to the original question: What if you owe the IRS money and fail to file by midnight April 17? The late filing penalty is 5% of the amount due with the return for each month you're late filing. If you owe $500 and file between April 18 and May 15, for example, the penalty would be $25. If you're more than two months late, the minimum penalty is $100 or 100% of the tax due, whichever is less.

You also can be hit with a late-payment penalty of one-half of 1% of what you owe for each month you're late, plus you'll be charged interest on the late payment. The current rate is 7%.

MORE: Kiplinger.com | Your Money | Taxes | Column

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