The federal income tax deadline has passed for most individual taxpayers. However, some haven’t filed their 2020 tax returns or paid their tax due. If an individual taxpayer is owed a refund, there’s no penalty for filing late. On the other hand, tax owed and not paid by May 17, 2021 is subject to penalties and interest.

When is the deadline to file your tax return?

Prepare your return or extension on eFile.com to eliminate or reduce any penalties. Gather all your tax forms and get your return e-filed by the new deadline of May 17, 2021.

What is the penalty for not filing your taxes by the deadline?

The maximum for this penalty is 25% of your unpaid taxes. You must efile or file your 2020 Tax Return by October 15, 2021 or you will begin to face the failure-to-file penalty, which is 5% of your balance due for every month (or part of a month) in which your taxes go unpaid.

What happens if you file your tax return late?

If you file your 2018 Tax Return after the deadline, and you did not get an extension, then you will be assessed a penalty of 5% of your balance due per month or part of a month a return is filed late (for up to five months).

What happens if you file a late tax return?

There is no penalty for filing a late return after the tax deadline if a refund is due. Penalties and interest only accrue on unfiled returns if taxes are not paid by April 18.

When is the deadline to file income tax?

Obviously you want to file your tax and pay your balance owing on time if you possibly can. The deadline for filing an individual tax return is April 30th, unless you or your spouse are self-employed, in which case the deadline is June 15th.

What’s the penalty for not filing your taxes by the deadline?

If you don’t file your return within the first 60 days following the tax deadline (or extension deadline), the minimum penalty is $205, or 100% of your total tax debt —whichever is less. Otherwise, the failure-to-file penalty will continue to grow up to the maximum amount, and you will still have to pay your original taxes.

When is the deadline to file tax return?

Anyone who did not file and owes tax should file a return as soon as they can and pay as much as possible to reduce penalties and interest. For those who qualify, IRS Free File is still available on IRS.gov through Oct. 15 to prepare and file returns electronically.