The April 15 tax filing deadline is approaching. With just a couple of weeks left, you may wonder what happens if you miss it.
The IRS won’t show up at your door or send you to jail. But financial consequences should push you to get your forms signed, sealed and delivered as soon as possible.
Here’s what to know about tax deadlines, what happens if you’re late, how to request an extension and why you should still pay on time even if you file later.
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When Is the Tax Deadline?
“The IRS mandates that a taxpayer file their personal tax return (Form 1040) by the tax deadline, typically April 15,” David Leichter, CEO at Leichter Accounting Services, wrote in an email. In years where that date falls on a weekend, you may get an extra day or two.
While an IRS mandate sounds like a big deal, missing a tax deadline is not the end of the world, Jeffrey A. Schneider, principal in SFS Tax & Accounting Services and The Tax Relief Company in Stuart, Florida, wrote in an email. “But it does mean the taxpayer will take a financial hit,” he added.
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What Happens if You Blow Past the April 15 Tax Filing Deadline
Failure-to-File Penalties
If you don’t properly file your taxes or put in for an extension, you will be subject to failure-to-file penalties — regardless of how late you are. “If you file on April 16, you will be subject to failure to file penalties, as well as if you file months later,” Leichter wrote.
“If you do file an extension by April 15, but then miss the next extended deadline of Oct. 15 as well, that will also trigger the failure-to-file penalty,” he added.
So, what will it cost you? The penalty is 5% of the tax due for each month or part of a month the return is late, minus any taxes paid on time and available credits. The penalty can reach a maximum of 25%. If you’re more than 60 days late, you’ll owe a minimum penalty of $525 or 100% of the unpaid tax, whichever is less.
To avoid that, don’t miss the tax filing deadline even if you’re worried about being able to pay what you owe.
“File on time. We can always work out how to pay the IRS later,” Schneider wrote. The IRS offers payment plans that let you pay in installments over time, though they can include fees and accrue interest.
Failure-to-Pay Penalties
Filing your taxes or requesting an extension by April 15 is just the first step. You must also pay any taxes owed by the April 15 deadline, even if you file an extension.
The failure-to-pay penalty is 0.5% of the unpaid taxes for each month or part of a month the tax remains unpaid. The penalty won’t exceed 25% of your unpaid taxes. It would take several years of not paying to reach the maximum penalty, Leichter wrote.
So, how are you supposed to know how much tax you are due to pay by April 15 if you’re not actually filing your tax return until well after that?
You’ll have to try to estimate how much you’ll owe, Leichter wrote, based on whatever tax documentation you have handy. “I’d then round up to be sure that you’re covering your tax and then some, and that will ensure you avoid any and all penalties for failure-to-pay,” he added.
If you miss your filing deadline and your payment, both penalties will apply. The failure-to-file penalty is reduced by any failure-to-pay penalty, which is 0.5% per month, according to the IRS. After five months, the failure-to-file penalty stops accruing, but the failure-to-pay penalty continues.
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How to Request a Tax Filing Extension
If April 15 feels too soon, you can get extra time — until Oct. 15 — by filing an extension with Form 4868. You can file the form electronically using your own software or through a tax preparer or CPA.
Once you do that, you’ve bought yourself some time. “Assuming you apply for one, an extension to file that tax return is granted automatically,” Leichter wrote.
Bonus: Most states will recognize the federal election to extend and will grant you the same extension that you filed with the federal government, Leichter wrote. “You need not file a separate extension request with the state.”
Top Reasons People Miss the Tax Deadline
People miss the tax filing deadline for many reasons, including fear, worry or procrastination.
Here are three common ones:
— I can’t afford the tax: Schneider always tells taxpayers to file, even if they’re concerned about how to pay, because blowing the filing deadline is more costly. “Late paying penalties are only 0.5% per month, while late filing is a whopping 5% a month,” he noted.
— I have a refund coming, so I will file when I can: In this case, not filing might be fine, but it lets the U.S. government use your money for free instead of you having access to it, Schneider wrote. In other words, you won’t get your refund until you file and your return is processed.
— I have no time: Some people simply procrastinate, Schneider wrote. “I have several clients who come to me every two to three years or so to file. But then what happens is if they owe money with the return, they get hit with the penalty plus interest (which is currently 7%).”
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What Happens if You Miss the Tax Deadline in 2026? originally appeared on usnews.com
