The tax deadline for the 2024 tax year is April 15, 2025 📅. If that date slips by without you filing or paying, don’t panic — but don’t ignore it either. Missing the deadline can result in costly penalties, interest charges, and even enforcement actions if left unresolved.
In this post, we’ll walk you through what happens if you miss the tax deadline, the types of penalties you may face, and what you can do right now to fix it.
What Happens When You Miss the Tax Deadline?
There are two major outcomes if you miss the deadline:
1. You didn’t file AND you owe taxes
This is the most serious scenario. You may be hit with:
- Failure-to-file penalty
- Failure-to-pay penalty
- Daily interest on unpaid taxes
2. You didn’t file but you’re owed a refund
Good news: There’s no penalty for filing late if you’re due a refund. But you only have 3 years to claim it — so don’t wait too long!
IRS Penalties Explained
1. Failure-to-File Penalty
- 5% of unpaid taxes per month, up to 25%
- If you’re more than 60 days late, the minimum penalty is $435 or 100% of your unpaid tax, whichever is less
2. Failure-to-Pay Penalty
- 0.5% of the unpaid tax per month, up to 25%
- Continues until the tax is fully paid
📌 If you’re late filing AND paying, the combined penalty maxes out at 5% per month (4.5% for filing + 0.5% for payment)
3. Interest
- Accrues daily on top of the penalty until the debt is paid
- The current interest rate (as of 2025, individual) is 7% annually, but it can vary
Current year 2025 quarterly interest rates
2025 interest rates by category[1]
| Interest categories | 1st quarter(Jan–Mar) |
|---|---|
| Non-corporate overpayment (for example, individual) | 7% |
| Corporate overpayment | 6% |
| Underpayment (corporate and non-corporate) | 7% |
| GATT (part of a corporate overpayment exceeding $10,000) | 4.5% |
| Large corporate underpayment (LCU) | 9% |
| Internal Revenue Code (IRC) 6603 deposit (federal short-term rate) | 4% |
What You Can Do if You Missed the Deadline
1. File ASAP — Even If You Can’t Pay
The failure-to-file penalty is much worse than the failure-to-pay penalty. Filing as soon as possible stops the clock on the largest penalty.
2. Pay What You Can
Even a partial payment reduces the total penalties and interest. Use IRS Direct Pay for fast, secure payments.
3. Request a Payment Plan
You can apply online for an IRS Installment Agreement to pay over time:
- If you owe less than $50,000, you may qualify for the streamlined plan
- Apply online: IRS Payment Plan
4. Ask for Penalty Relief
If this is your first time filing late and you have a good excuse (illness, disaster, or other hardship), the IRS may waive your penalty through:
- First-Time Penalty Abatement
- Reasonable Cause Relief
Submit a written request or call the IRS to request consideration.
Special Case: Missed the Deadline But Expecting a Refund?
- There’s no penalty for late filing if no tax is owed.
- But if you don’t file within 3 years, your refund disappears.
- For 2021 returns, the final deadline to claim a refund is April 15, 2025.
What About Extensions?
If you filed Form 4868 for an extension before April 15:
- You have until October 15, 2025 to file
- BUT you still must have paid by April 15 to avoid late payment penalties
Check our Tax Extension related post:
What If You Ignore It Completely?
Long-term consequences include:
- IRS collections actions
- Federal tax liens
- Wage garnishments
- Seizure of bank accounts or refunds
- Loss of passport eligibility (in extreme cases)
Don’t Wait — Act Now
Missing the tax deadline isn’t the end of the world — but ignoring it is. The sooner you file and pay what you can, the more you reduce penalties and interest.
đź“Ś Need help? Reach out to a tax professional or your local VITA (Volunteer Income Tax Assistance) center.
đź”— Useful Resources:
- IRS Direct Pay
- IRS Payment Plan Application
- IRS Penalty Relief Options
- Download IRS Form 4868Â (PDF)
- File an Extension Online (IRS Free File)
- Make a Payment via IRS Direct Pay
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- Maximize Your Tax Refund: Last-Minute Filing Tips for 2025
