In the United States, April 15, 2025, was the last day to file income tax returns with the Internal Revenue Service (IRS). For those who didn’t file on time, there are now financial consequences to face. Missing this deadline is not just about waiting longer to get a refund—it can also cost you more money.
Many people file their tax returns to claim a refund, while others owe money to the IRS. Either way, if you delay filing or payment, penalties start adding up from the very next day. That’s why it’s important to act quickly and know your options if you’ve missed the due date.
What Happens If You File Your Taxes Late?
If you did not file your taxes on time, the IRS will charge two types of penalties:
1. Penalty for Late Filing
This is the bigger of the two penalties. The IRS charges 5% of the unpaid tax amount for every month or part of a month your return is late. This fine can go up to a maximum of 25%.
2. Penalty for Late Payment
Even if you filed the return but didn’t pay the taxes owed, the IRS still charges a penalty of 0.5% per month on the amount due. This can also go up to 25%.
3. Interest Charges
On top of these penalties, the IRS also adds interest to the unpaid amount. The interest rate changes every three months, so the longer you wait, the more you will owe.
If you’re supposed to get a refund and not pay any taxes, the good news is—there’s no penalty for filing late. But if you owe the IRS money and don’t file at all, your costs will keep increasing month by month.
What You Should Do If You Missed the Tax Deadline
If you haven’t filed your 2024 tax return yet, don’t panic—but don’t wait either. The sooner you act, the less you’ll have to pay in fines and interest.
Here’s what you can do:
File As Soon As Possible
Even though the deadline is over, filing now will stop the “late filing” penalty from growing further. It’s better to file late than not at all.
Set Up a Payment Plan
If you can’t pay the full amount, you can request a payment plan from the IRS. This allows you to pay your debt in smaller monthly amounts.
Ask for Penalty Relief
If this is your first time missing the deadline, or if you had a good reason—like illness, loss of important documents, or a natural disaster—you may be able to request penalty relief. The IRS sometimes reduces or cancels penalties in such cases.
Claim Your Refund (If Eligible)
If you were supposed to get a refund, you have up to three years from the original due date to file your return and claim the money. After that, you lose the refund permanently.
Remember, the IRS prefers honest taxpayers who try to fix their mistakes. Filing your return—even late—and talking to them about your payment issues is much better than ignoring the problem.