{"id":25994,"date":"2021-05-27T11:37:35","date_gmt":"2021-05-27T15:37:35","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=25994"},"modified":"2023-06-04T14:14:12","modified_gmt":"2023-06-04T19:14:12","slug":"what-happens-if-you-missed-the-tax-deadline","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/what-happens-if-you-missed-the-tax-deadline\/","title":{"rendered":"What Happens if You Missed the Tax Deadline?"},"content":{"rendered":"\r\n<p class=\"wp-block-paragraph\">So, <a href=\"https:\/\/en.wikipedia.org\/wiki\/Tax_Day\" target=\"_blank\" rel=\"noreferrer noopener\">Tax Day<\/a> came and went, and you still haven\u2019t filed, huh?\u00a0 \u00a0Well brace yourself because you may have some expensive repercussions heading your way.\u00a0 If you owe the <a href=\"https:\/\/www.eztaxreturn.com\/contact-and-support\/tax-terms.html#interestincome\" target=\"_blank\" rel=\"noreferrer noopener\">IRS<\/a> and missed the tax deadline, you\u2019ll be penalized for failing to file and for not paying on time.\u00a0 Plus, your <a href=\"https:\/\/en.wikipedia.org\/wiki\/Debt\" target=\"_blank\" rel=\"noreferrer noopener\">debt<\/a> will accumulate interest.\u00a0 Here\u2019s how much you can expect to dish out.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 id=\"h-late-filing-penalty\" class=\"wp-block-heading\"><strong>Late filing penalty<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Some people think that if they can\u2019t afford to pay right now, they might as well just hold off filing altogether.\u00a0 That\u2019s a terrible decision.\u00a0 The penalty for failing to file is at least 10 times more expensive than the penalty for failing to pay.\u00a0 \u00a0You\u2019ll be charged 5% of your unpaid taxes for every month your return is late.\u00a0 The penalty can reach a maximum of 25%.\u00a0 Once your return is more than 60 days late, the minimum penalty jumps to $435 or 100% of your unpaid taxes, whichever amount is lower. If you still need to file, <a href=\"https:\/\/www.eztaxreturn.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">ezTaxReturn<\/a> can help.\u00a0 It\u2019s the fastest and easiest way to prepare your return.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 id=\"h-late-payment-penalty\" class=\"wp-block-heading\"><strong>Late payment penalty<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">The penalty for failing to pay doesn\u2019t start as high.\u00a0 It starts at 0.5% of your unpaid taxes and can reach a maximum of 25%.\u00a0 If the IRS approves you for an installment agreement, the penalty is 0.25%.\u00a0 You\u2019ll be penalized for every month or portion of the month that your payment is late. The only way to stop accruing penalties and interest is to pay your total balance.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 id=\"h-you-ll-accumulate-interest-too\" class=\"wp-block-heading\"><strong>You&#8217;ll accumulate interest, too<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Aside from the penalties, you\u2019ll also need to pay interest on your tax debt.\u00a0 The <a href=\"https:\/\/en.wikipedia.org\/wiki\/Interest\" target=\"_blank\" rel=\"noreferrer noopener\">interest<\/a> rate is the federal short-term rate plus 3%.\u00a0 Interest accumulates daily and starts as soon as you miss the tax deadline.<\/p>\r\n<p>&nbsp;<\/p>\r\n<h2 style=\"text-align: center;\">File your taxes online the fast and ez way.<\/h2>\r\n","protected":false},"excerpt":{"rendered":"<p>So, Tax Day came and went, and you still haven\u2019t filed, huh?\u00a0 \u00a0Well brace yourself because you may have some expensive repercussions heading your way.\u00a0 If you owe the IRS and missed the tax deadline, you\u2019ll be penalized for failing to file and for not paying on time.\u00a0 Plus, your debt will accumulate interest.\u00a0 Here\u2019s [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":26030,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[15],"tags":[],"class_list":["post-25994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-tips-and-planning"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.13 (Yoast SEO v20.13) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Happens if You Missed the Tax Deadline?<\/title>\n<meta name=\"description\" content=\"If you owe the IRS and missed the tax deadline, you\u2019ll be penalized for failing to file and for not paying on time.\" \/>\n<meta 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