There is no penalty for filing a late return after the tax deadline if a refund is due. If you didn't file or owe taxes, file a return as soon as possible and pay as much as possible to reduce penalties and interest. Penalty reduction is the process of eliminating penalties for taxpayers who made a mistake or faced extenuating circumstances. The last day to file taxes is usually April 15, unless this date coincides with a weekend or holiday, as is the case this year.
Regardless of whether you don't receive your refund, you should consider filing a return from the previous year, even if you won't get a tax refund. Get Forbes Advisor ratings on the best tax software overall, as well as the best for freelancers and small business owners. If you don't pay the full amount you owe before the tax deadline, even if you file an extension, you will be penalized 0.5% of the balance due per month or part of a month after the deadline. Therefore, it's better to file your tax return or a tax extension electronically and pay all the taxes you can afford than not to file them.
If you file the application but don't pay, you will only be fined 0.5%, which will increase every month to 25%. Penalties and interest on unpaid taxes can be substantial, so ignoring your tax reporting obligations is never a good idea. The IRS allows taxpayers a filing extension until May 15, and all individual taxpayers can use Free File to request it. If both the penalty for not filing the application and the penalty for non-payment apply in the same month, the maximum amount that will be charged for both fines is 5% per month.
For the best possible experience, use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. And if you file your return more than 60 days late, things get a little more complex and expensive, another reason to file your return as soon as possible. The IRS generally charges a penalty for not filing tax returns filed after the due date or the extended due date, unless there is reasonable cause to file them late. The amount of the non-filing penalty (FTF) will be reduced by the amount you owe for non-payment (FTP) during any month in which both fines apply.
You electronically filed or timely filed an extension accepted by the IRS and you owe taxes but haven't paid them. Once the e-filing deadline has passed, it's too late to file taxes online, but it's not too late to file taxes on paper forms and send them by mail.