Missing the tax filing deadline can result in several consequences:
- Failure-to-File Penalty: 5% of unpaid taxes for each month up to 25% maximum
- Failure-to-Pay Penalty: 0.5% of unpaid taxes per month
- Interest Charges: Variable rate based on federal short-term rate plus 3%
If you’re owed a refund, there’s typically no penalty for filing late, but you must file within 3 years to claim your refund. If you can’t file by the deadline, request an extension by April 15, 2025. Even with an extension, any taxes owed are still due by the original deadline to avoid penalties. The IRS may waive penalties for reasonable cause or through first-time penalty abatement programs.