Tax Return Deadlines: What You Need to Know — And What Happens If You Miss Them

Tax season arrives every year whether we’re ready for it or not. Knowing when your tax return is due, what to do if you need more time, and what happens if you miss the deadline is essential for avoiding unnecessary penalties, stress, and even potential legal trouble. This guide explains everything you need to know about Tax Day, extensions, and late-filing penalties—in plain language.

What Is Tax Day?

Tax Day is the annual deadline for filing your federal income tax return with the IRS.
In most years, Tax Day falls on April 15.

However, the date can change if April 15 lands on:

• A weekend, or

• A federal or D.C. holiday (such as Emancipation Day)

In those cases, the IRS automatically moves the deadline to the next business day.

Tax Day is the cutoff for:

• Filing your Form 1040

• Paying any federal taxes you owe

• Making contributions to some tax-advantaged accounts, such as IRAs (though this can vary)

Even if you request an extension to file your return, Tax Day is still the deadline to pay your estimated taxes.

When Is the Tax Return Deadline?

For most individual taxpayers, the federal tax return deadline is April 15 of each year (unless adjusted).
State deadlines may be the same or can differ depending on where you live, so it’s important to check your specific state tax agency’s website.

Business and special-category deadlines may differ, including:

• Partnerships (Form 1065): typically March 15

• S-Corporations (Form 1120-S): typically March 15

• Corporations (Form 1120): typically April 15 (for calendar-year companies)

If you're living or working outside the U.S. on Tax Day, the IRS generally grants an automatic two-month extension to June 15, though interest still applies to unpaid taxes.

Can I Get an Extension to File My Taxes?

Yes. Getting more time to file is simple.

How to request an extension

You can request a six-month extension by submitting Form 4868 to the IRS by the regular April deadline. This moves your filing deadline from April 15 to October 15.

You can file Form 4868:

• Electronically through tax software

• By mail

• Through a tax professional

• Automatically by making an electronic IRS tax payment and selecting “Extension” as the payment type

Important:

A filing extension is NOT a payment extension.
You must estimate and pay any taxes owed by Tax Day (usually April 15), or you may face interest and late-payment penalties, even if the IRS grants you more time to file the paperwork.

What Happens If I Miss the Tax Filing Deadline?

Missing the tax deadline can trigger various consequences depending on:

• Whether you owe money

• Whether you’re expecting a refund

• Whether you completely fail to file

Here’s how each situation works.

1. If You’re Expecting a Refund

Good news: There is no penalty for filing late if you are owed a refund.

However:

• You have three years from the original deadline to claim your refund.

• If you wait longer than that, the IRS keeps your refund permanently.

• You can’t apply old refunds to future tax balances once the three years expire.

So, while there’s no immediate penalty, delaying your filing could mean losing money.

2. If You Owe Taxes and Miss the Deadline

If you owe taxes and fail to file (or fail to pay), the IRS may charge:

A. The failure-to-file penalty

This is typically 5% of your unpaid tax per month, up to a maximum of 25%.
If you’re more than 60 days late, a minimum penalty also applies.

This is the harshest penalty, so filing—even if you can’t pay yet—is extremely important.

B. The failure-to-pay penalty

This is usually 0.5% of your unpaid tax per month, up to 25%.

Interest also accrues on top of this penalty.

Why filing matters more than paying

If you can’t pay everything you owe, file anyway.
The failure-to-file penalty is ten times higher than the failure-to-pay penalty.

You can then:

• Set up an installment plan

• Request penalty abatement

• Pay what you can to reduce interest

• Avoid the steepest penalty

3. If You Neither File nor Pay

Failing to file and failing to pay can lead to:

• A combination of both penalties

• IRS notices and collection actions

• Tax liens

• Wage garnishment

• Seizure of future refunds

In extreme long-term cases, the IRS can even pursue criminal charges, though this is rare and typically reserved for willful tax evasion—not simple late filing.

How Much Are the Penalties for Filing or Paying Late?

Here is a simplified breakdown of the potential penalties.

Failure-to-File Penalty (Late Filing)

• 5% of unpaid taxes for every month (or part of a month) your return is late

• Maximum: 25% of unpaid taxes

• If the return is more than 60 days late, the minimum penalty is:

  • Either $485 (for recent tax years, adjusted periodically)

  • Or 100% of the tax owed, whichever is less

This penalty stops once it reaches the 25% maximum.

Failure-to-Pay Penalty (Late Payment)

• 0.5% per month (or part of a month) on unpaid taxes

• Maximum: 25% total

• The penalty may increase to 1% per month if the IRS sends a notice of intent to levy

• Penalty decreases during an approved installment agreement

Interest also applies on unpaid taxes and on penalties until the balance is fully paid.

Penalties If You Both File Late and Pay Late

In the first month, the IRS reduces the failure-to-file penalty so that the combined penalties equal:

• 5% of unpaid taxes for the first month, then

• 4.5% failure-to-file + 0.5% failure-to-pay for each additional month

This continues until the failure-to-file penalty hits the 25% limit, after which only the failure-to-pay penalty continues.

What Should You Do If You Missed the Deadline?

If you missed Tax Day, don’t panic. You still have options.

1. File as soon as possible

Even if you're late, filing immediately minimizes penalties.

2. Pay as much as you can

Sending any partial payment reduces the amount the IRS uses to calculate penalties.

3. Request a payment plan

The IRS offers:

• Short-term payment plans (usually up to 180 days)

• Long-term installment agreements

These allow you to pay over time and reduce the monthly failure-to-pay penalty.

4. Consider penalty abatement

In certain situations, the IRS may waive penalties:

• First-Time Penalty Abatement (if you’ve had a good compliance history)

• Reasonable cause relief (illness, natural disasters, financial hardship, etc.)

Interest typically cannot be waived, but penalties sometimes can.

5. Don’t ignore IRS letters

The longer you wait, the more severe the consequences become.

What If You Haven’t Filed in Several Years?

If you’re multiple years behind on taxes, the best step is to begin filing immediately. The IRS generally requires:

• The last six years of tax returns to bring your account into good standing

Late returns aren’t always penalized if you ended up owing nothing or if you were due refunds.

The IRS is generally much more lenient with people who come forward voluntarily compared to those it contacts first.

Tips to Avoid Missing the Deadline in the Future

• Gather documents early (W-2s, 1099s, receipts)

• Use a digital calendar reminder set for early April

• File electronically to avoid mail delays

• Use direct deposit for refunds

• Check state deadlines separately

• E-file Form 4868 if you're not going to make it in time

• If self-employed, make quarterly estimated payments to avoid surprises

Being proactive makes tax season far less stressful.

Frequently Asked Questions

Q: If I file late but don’t owe anything, will I get in trouble?

No penalty applies if you’re due a refund. But you must file within three years to claim it.

Q: Is an extension guaranteed?

Yes. As long as you submit Form 4868 correctly and on time, the IRS automatically grants the extension.

Q: Can I extend the payment deadline?

Not exactly. Extensions only apply to filing, not payment.
However, payment plans are available if you can’t pay in full.

Q: Will filing an extension make me more likely to be audited?

No. Filing an extension does not increase audit risk.

Final Thoughts

Understanding tax deadlines, extensions, and penalties empowers you to stay compliant and avoid unnecessary fees. The bottom line:

• File by April 15 (or the adjusted date)

• Request an extension if you need more time

• Pay what you can by Tax Day

• File even if you can’t pay everything—it avoids the steepest penalties

• Don’t ignore IRS communication