Jackie Lam, AFC®, is an L.A.-based financial writer and educator whose clients include Fortune 500 companies and FinTech startups. Her work has appeared in Forbes Advisor, Business Insider, Salon.com, and CNET.
AFC® Financial Coach
Jackie Lam, AFC®, is an L.A.-based financial writer and educator whose clients include Fortune 500 companies and FinTech startups. Her work has appeared in Forbes Advisor, Business Insider, Salon.com, and CNET.
The deadline to file your federal taxes for the 2025 tax year is April 15, 2026 – but if you file an extension, you may have until October 15, 2026 to file.
You'll still need to pay your taxes by the original deadline, or you may owe additional penalties, interest, and fees.
If you can't pay your taxes all at once, you may be eligible for a payment plan.
Need to file your taxes late? Don't despair. Options exist where you won't get hit with late fees and penalties.
Life is hectic. Paying your tax bill might not be at the top of your to-do list. And sometimes, the tax deadline can sneak up on you. Are you in trouble if you forget to file taxes before the deadline?
Let's highlight what happens if you file taxes late and walk through your options:
First things first: The deadline to file your federal tax returns for the 2025 tax season is Wednesday, April 15, 2026. FYI: The standard date to file your tax returns is usually April 15, unless the 15th falls on a weekend or legal holiday. Since April 15 doesn't fall on a weekend or holiday in 2026, you don't get the "extra" time like in previous tax filing years. Note: the deadline to file your state returns varies per state.
If you are falling behind and need to file for an extension, the last day for filing your returns is Thursday, October 15, 2026. Extension deadlines are normally six months after the standard deadline.
Independent contractors – aka freelancers and gig economy workers – your tax filing deadlines are the same as 9-to-5 workers, or those with W-2 forms.1
If you need more time and are asking: Can I still file taxes? The answer is 100%. The beauty of filing a tax extension is that it's quick and easy. So if you're falling behind and need more time to sort through receipts, gather missing documents, and crunch some numbers, you can file your taxes later. Just file a tax extension through the IRS website, which typically takes a few minutes. A big disclaimer: if you request an extension to file taxes later, you're still on the hook to pay your federal taxes by the April 15th deadline. Otherwise, the IRS late payment penalty kicks in. How much of a penalty? It depends on how long you wait to pay your overdue taxes.2 You owe 0.5% of the unpaid taxes each month, at a maximum of 25% of your overdue taxes. For instance, if you owe $1,000 in taxes, the penalty is $50 each month your tax bill remains untouched, up to a maximum of $250.3 Here's how you can estimate how much you owe in taxes. First, you take your gross income. Next, you subtract your deductions and credits. What's left is your taxable income. Last, you look at your tax bracket, which is based on your filing status and income, to estimate how much you owe. Consider talking to a tax professional or using a tax calculator resource to help get close to your amount owed since these calculations can be complicated.
You can pay your estimated taxes and file for a tax extension through the IRS website.
Absolutely. Let's look at some of the most common scenarios for filing taxes late, and what fees and penalties you might get dinged with:
Guess what? If you're due a refund, and file your taxes late, you don't owe any penalties.
Let's say you're owed a refund. After you've filed your taxes, you get that money by setting up direct deposit.
Free Online Tax Filing: File 100% for free, max out your tax refund guaranteed4, and get your federal tax refund up to 5 days early5 when you direct deposit it with Chime.
You can track your refund using the IRS's handy Where's My Refund? Tool. Or keep tabs via the IRS2Go mobile app. To check your status, you'll need your:
Social Security number or ITIN
Filing status
Exact refund amount3
If you owe payment on your taxes, you will be on the hook for late fees and penalties. The late penalties for filing taxes are as follows:
0.5% of unpaid taxes for each month that a tax return is late
The penalty won't ever be more than 25% of the amount owed
If your return was over 60 days late for the 2025 tax season, expect to get hit with a failure to file penalty of $525 or 100% of taxes owed, whichever is less.3
Bottom line: If you're filing late, be sure to file as soon as you can.
For example, you owe $1,000, and you're four months late. You're looking at a late-filing penalty of $200. Or, if you owe $2,000 and are five months late, that's a $500 penalty.
You can check your balance on the amount you may still owe by setting up an account through the IRS website.
If you cannot afford your tax bill, the good news is that you have options. Let's look at the most common ones: Pay with a credit card
The IRS accepts credit card payments. The credit card processing fee depends on which payment processor you're using, and is typically a percentage of the amount you're paying. This amount hovers around 2%⁶. So, if you owe $500, the credit card processing fee could be as high as $10. If you're considering paying your tax bill with a credit card, weigh the interest fees you might pay if you carry a balance on that card. Sit down and figure out how long it would take to pay off that credit card debt.
If you opt for the short-term plan, where you pay the full amount owed within 180 days. It's free to enroll.
With the short-term payment plan, you'll need to make the payment within 180 days of your taxes being due.6 You won't need to pay any fees to opt for this plan – but you will be on the hook for any late fees or penalties. Plus, the late fees will continue to add up until you pay what you owe.
One option is an installment agreement, also known as long-term plans. The IRS gives you up to 72 months (or six years) to pay your taxes and a monthly installment plan. Expect to pay a one-time user fee.7
If you're financially strapped and can't afford to pay what you owe, you might be able to negotiate for what's known as an offer in compromise. In other words, the IRS is willing to settle for a smaller amount than your total balance. Whether you qualify hinges on your unique circumstances, and the IRS will review them on a case-by-case basis. Here's what the IRS looks at when it comes to your financial situation:
Ability to pay
Income
Assets
Asset equity
If you're granted an offer in compromise, you'll need to pay the new amount owed within a reasonable amount of time.
As mentioned before, if you don't file your taxes at all, you can expect to pay a penalty of 0.5% of the amount owed each month – or part of the month – you haven't filed. This caps out at 25%, or five months after the deadline.3
For example, you owe $1,000. After one month flies by, you now owe $50. After month five, you owe $250, the maximum penalty amount.
If you owe taxes and have yet to file your federal tax return, both penalties (failure to file and failure to pay) will hit the same month. The Failure to File penalty goes down by your Failure to Pay penalty for that same month.
In other words, you're looking at a combined penalty of 5% for each month – or part of a month—that you're late on your tax return.8
Let's say that after five months, you still haven't paid the taxes you owe or filed. In that case, the failure to file a penalty will max out, so you won't get any more penalties on that end. However, the Failure to Pay penalty will continue to add up until you pay the taxes owed until it hits the max of 25% of the unpaid amount from the due date.8
We get it. Life happens, and you might not be able to file your tax return on time. No need to worry! By understanding and exploring your options, you can decide on what's best for you – and ideally, keep late fees and penalties to a minimum. Depending on your situation, find out if filing a tax extension is right for you.
Yes, you can still get a refund if you file late. However, you'll need to file your taxes before receiving your refund. Usually, you have three years from the April deadline to claim your money.
If you miss the deadline of April 15th for the 2025 tax season and request an extension, you'll have until October 15th, 2026, to file without getting hit with any late fees or penalties.
If you miss the tax deadline, you can still file your taxes. You would need to file for a six-month extension, which gives you until October 15, 2026. Note that you're still responsible for paying your taxes by the April 15th due date.
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