US tax deadline today: The last day to file a US income tax return with the Internal Revenue Service (IRS) is 15 April. However, taxpayers who need more time can request an extension to avoid late-filing penalties.
Instead of filing by 15 April, you can submit a short form to the IRS and receive an until 15 October. The form requires basic details such as your name, address, Social Security number, and an estimate of taxes owed or refund.
Extension gives you time to file, not to pay
The extension applies only to filing, not payment. Taxes owed must still be paid by the April deadline to avoid penalties and interest.
“Make sure you pay any tax you owe by the April filing date. The extension is only for filing your return,” the official IRS website states.
How to file for an extension?
There are three ways to request an extension. The IRS offers the following guidance on its website:
— If you have no taxes due: Taxpayers, regardless of their income, can use IRS Free File at its official website () to request an automatic six-month tax-filing extension to file their return.
— File Form 4868: Individuals can submit Form 4868 (Application for Automatic Extension of Time to File) either online or by mail. If mailing, it must be sent before 15 April. Keep in mind that delays in the US postal system can result in late postmarks, so if you are short on time, it’s safer to visit a local post office and get a hand-stamped postmark or file online.
— If you owe money: Taxpayers can make an electronic payment and select Form 4868 or extension as the payment type. The IRS will automatically treat it as an extension, meaning you won’t need to file Form 4868.
Note that disaster victims, some living abroad, and military members in combat zones may have extra time to file. If you are outside the US, you may get an automatic 2-month extension.
Consequences of not filing an extension
Penalties from the IRS start kicking in as soon as the 15 April deadline passes, especially if you have not filed for an extension. If you fail to file your tax return on time, the IRS imposes a penalty of 5% of the unpaid tax each month, or for part of a month that your return is late, up to a maximum of 25%.
There is an additional sting if the delay stretches beyond two months. If your return is more than 60 days late, a minimum penalty kicks in. For this year, the minimum penalty is the lesser of $525 or 100% of the tax owed.
Meanwhile, if you fail to pay the full amount owed in , the IRS charges 0.5% for each month, or part of a month, up to a maximum of 25%, of the unpaid tax from the due date of the return until the tax is paid in full. The penalty increases to 1% per month if the tax remains unpaid for 10 days after the IRS issues a formal notice to seize your assets.
Additionally, the IRS also charges interest on any unpaid tax balance, calculated using the federal short-term rate plus 3%. This rate is set quarterly and compounds daily. In the first three months of the year, the rate stood at 7%.
However, there is no penalty for filing late if you don’t owe any taxes or are due a refund. The IRS encourages timely filing, as you won’t receive your refund until you submit your return.
