PPaying taxes can be a hassle, but it’s one of the most important things US citizens need to do every year because the IRS can collect or penalize you on your back taxes without any limitations on the years which they may charge you for.
In 2023, the tax deadline is Tuesday, April 18, commonly known as Tax Day, across the United States.
What happens if I don’t file my taxes
The first thing you need to know is that if you are unable to pay your taxes by the deadline, you can apply for an extension before the due date and this year you will be able to pay until October 16th. , 2023.
Those who owe a refund are not penalized for not filing their taxes, but those who owe taxes to the IRS and miss the tax filing deadline should know that they will be the consequences of this.
What are the penalties for missing the tax return deadline?
If you owe taxes to the IRS and do not file your taxes, the taxpayer will end up with a late penalty of 0.5% each month the tax bill is unpaid, with the maximum penalty capped at 25 %.
Also, there is the part of not filing an extension request, in which the taxpayer would also have to pay interest in addition to the late payment penalty.
The filing penalty is 5% per month of unpaid taxes, plus interest, with the maximum penalty awarded for late filing also capped at 25% of the amount.