Consequences of Filing Your Taxes Late in 2023
Monday, 18 March 2024, 10:00
Consequences of Late Tax Filing in 2023
Being late with a tax return could have serious consequences. This year, taxes are due on April 15. Read on to learn more about the possible outcomes.
When You're Due a Tax Refund
- If the IRS owes you money and you file late: No penalty is incurred as the IRS keeps your money longer.
When You Owe the IRS Money
- Penalty for late submission: 5% of the sum owed for each month or partial month the return is late, up to 25%.
Requesting an Extension
- If you think you won't meet the deadline: Request a tax extension to avoid a failure-to-file penalty.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.