If you missed the tax deadline but are due a refund there is no penalty. The government is happy to hold on to your money, interest-free, for a bit longer. In fact, you have up to three years from the filing deadline to complete a return and get that refund. Don’t delay too long though.
What happens if you don’t file your taxes by the July 15 deadline?
Individuals who owe federal taxes will incur interest and penalties if they don’t file and pay on time. The penalty for not filing your taxes on time is 5% of your unpaid taxes for each month that the return is late, maxing out at 25%. For every month you fail to pay, the IRS will charge you 0.5%, up to 25%.
How late can you file taxes on July 15?
Though last year the IRS extended the deadline from April 15 to July 15, this year the agency has granted us only one extra month: Your 2020 tax return is due on May 17, 2021. If you request an extension (and are approved), your last day to file will be Oct. 15, 2021.
Can you still file electronically after July 15 2020?
If you’re still not ready to file by Wednesday July 15, though, you can file for an extension like you normally would. Anyone can use Free File to electronically request a tax-filing extension, which would give you until October 15, 2020 to file your return, according to the IRS.
What happens if you file your taxes after July 15th?
There are separate penalties for failure to file and failure to pay, which can increase the longer your return or payment remains outstanding. Penalties can be steep. Failure to pay may result in a fee of 0.5% of your taxes owed, until you pay in full or the charge equals 25% of your total balance.
Can I file my 2019 taxes after July 15?
Due to COVID-19, the original filing deadline and tax payment due date for 2019 was postponed from April 15 to July 15. The IRS reminds taxpayers filing Form 1040 series returns that they must file Form 4868 by July 15 to obtain the automatic extension to Oct. 15.
How to file an extension to the July 15 deadline?
Individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.
What to do if you missed the July 15 tax deadline?
WASHINGTON — For those who missed the July 15 tax deadline and didn’t request an extension, the Internal Revenue Service reminds taxpayers about some important tips, including filing electronically as soon as possible to reduce potential penalties. Some taxpayers may have extra time to file and pay any taxes due without penalties and interest.
Is there a penalty for missing the July 15 deadline?
Those who qualify have more time to file and pay what they owe. The only way to get a refund is to file a tax return. There is no penalty for filing after the deadline if a refund is due. Use electronic filing options including IRS Free File available on IRS.gov through October 15 to prepare and file returns electronically.
When is the federal tax filing deadline for 2020?
IR-2020-58, March 21, 2020 WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
