Personal Finance

Tax Deadline 2025: How Much You’ll Owe If You Miss April 15

The IRS is approaching the deadline to file taxes, urging those still owing to act quickly to avoid penalties and interest charges. With only three years to claim refunds, filing sooner is crucial.

Tax Deadline 2025: The 2025 tax season is now reaching its final days, and the deadline to file your federal tax return is Tuesday, April 15. Many people have already filed their taxes, but others are still waiting.

If you’re one of those who haven’t filed yet, and you owe taxes, it’s important to act fast. Filing late or not paying on time can lead to big penalties and added interest. Waiting even one day past the deadline can be counted as a full month late by the IRS.

If you’re owed a refund, you’re in luck. The IRS won’t charge you a penalty for filing late. But you still won’t get your money until you file. Also, you only have three years to claim your refund. If you don’t do it within that time, the IRS says you’ll lose the right to get your money back. So even if there’s no punishment, it’s better to file sooner than later.

New Social Security ID Checks Begin Today: What You Need to Know

Tax Deadline 2025: Penalties for Filing or Paying Late

If you owe taxes and miss the deadline, the penalties begin right away. The IRS gives a clear warning: “The date we start charging interest varies by penalty type. Interest increases the amount owed until you pay your balance in full.” So the longer you wait, the more you’ll owe in the end.

There are two types of penalties. One is for filing your tax return late. That one is 5% of the unpaid taxes for every month you’re late. If you wait too long, the maximum penalty can reach 25% of what you owe. And if you take more than 60 days to file your return, you’ll face a minimum penalty of $510, or 100% of your unpaid tax—whichever is less, according to Turbo Tax.

The second type of penalty is for paying late. This penalty is smaller, just 0.5% of the unpaid tax each month. But over time, it also adds up and can go up to 25% of what you owe. This is on top of the interest the IRS charges, which is currently at a 7% yearly rate.

Social Security Fairness Act is Here: How to Adjust if WEP Affected Your Benefits?

Extensions Help with Filing

If you need more time to file your return, you can request an extension, and the IRS will give you until October 15. But this only helps with filing the paperwork—it doesn’t delay your payment. If you owe taxes, you still have to pay them by April 15. If you don’t, interest and penalties will start building up from that original due date.

Some people might qualify for extra time without asking. For example, if you live outside the country or have been affected by a natural disaster, you may automatically get more time. Still, even in those cases, paying on time is key to avoiding extra costs.

The IRS knows taxes can be confusing and offers help on its website through the “Let us help you” portal. If you need personal help, there are also certified tax professionals across the country who can guide you, though they may charge a fee for their service.

Farheen Ashraf

Farheen Ashraf is a History graduate. She writes on a variety of topics, including business, entertainment, laws, poetry, stories, travel, and more. Her passion for writing has led her to explore a variety of genres.

Recent Posts

$967 Social Security Payment May: What You Need to Know

New SSI payment of up to $967 is coming on May 30. It’s not extra…

2 days ago

CalWORKs June 2025 Payments: When Will You Get Your Food Benefits?

Families getting CalWORKs help will get their June 2025 money between the 1st and 3rd.…

3 days ago

Social Security June 2025: What are the new changes and who’s affected?

Social Security checks in June 2025 will follow the usual schedule, but some people may…

3 days ago

How Medicare Could Change Under New ‘One Big Beautiful Bill’ Plan

House Republicans have passed a huge new bill that could change Medicare in big ways.…

5 days ago

$600 Social Security SSI Payment: Will you get this payment?

Thousands of people are asking if SSI recipients will get a $600 boost in June…

5 days ago

Student Loan Delinquency Is Worst in These US States

Student loan delinquencies are rising fast, especially in Southern states like Mississippi, Alabama, and West…

6 days ago