You have until April 15, 2025, to file your taxes with the IRS. But if you think you’re going to miss that deadline, you can request an extension.
Here’s what you need to know about the process and why it’s in your best interest to get your taxes done as soon as possible.
What happens if I file my taxes late?
The IRS will notice and send you a letter. Because the IRS already has copies of your W-2 and 1099 forms in its databases, its system will do some quick calculations to figure out if you owe money or are due a refund.
If you’re due a refund, you’ll just get a letter instructing you to file your taxes.
But if you owe money, that money was due on April 15 and you’ll be charged a Failure to File Penalty. That penalty is 5% of your unpaid tax liability for each month your return is late, up to 25% of your total unpaid taxes.
Filing taxes late is a better alternative to not filing your taxes at all.
What happens if I don’t file my taxes at all?
If you don’t respond to the IRS’s initial prodding, the consequences will start stacking up: more penalties, fines and interest and the IRS can assess tax liens and levies against you.
What do I do if I need more time?
File for an extension at IRS.gov/freefile or using Form 4868, Application for Automatic Extension of Time to File. Filing that before April 15 automatically will move your filing deadline to Oct. 15, 2025.
People request tax filing extensions for a variety of reasons: They are missing needed financial documents, they are dealing with a major life event, or they just need more time to make sure their taxes are done correctly. Filing an extension can give you peace of mind that a mistake isn’t going to lead to an IRS audit.
But remember: You must still need to pay any owed taxes by April 15. You’ll need to estimate the amount you owe and use Form 4868 to pay it. Otherwise, the IRS can still charge you interest and penalties.
Working with a tax professional also can give you peace of mind, whether you need to file an extension or not. When you use the services of a trusted professional, you tap into a wealth of expertise and experience with our ever-changing tax code — plus you may save more money and reduce your risk of audit.
What should I do if I miss the tax deadline?
You should file and pay as soon as possible. And if you’re unsure of how to do that, ask for help. A tax professional can help expedite this process so you avoid racking up fees.
Trust the Experts at Neely’s
Neely’s Accounting Roanoke CPA firm has been serving the community since 2007. When you’re struggling with your taxes, our tax professionals are here to save you time and stress. We can file your extension and your taxes to ensure you avoid fees and get the maximum deductions. Get in touch with us today.