With the approach of the 2025 tax season, it’s critical to understand major filing deadlines and the potential consequences of not filing by these deadlines. The normal April 15 tax return due date for 2024 individual tax returns, although some exceptions can be granted to Mainers, Massachusettans, and natural disaster victims such as Hurricane Helene or Hurricane Milton victims who have May 1, 2025. Knowing these due dates and late filing penalties can prevent you from unnecessary economic burdens and the hassles of the tax authorities. This article presents some important tax filing deadlines in 2025 and discusses penalties against individual as well as business taxpayers for not fulfilling the filing deadlines.
The 2025 tax filing deadline
The Internal Revenue Service (IRS) started accepting 2024 tax returns on January 27, 2025. For most U.S. taxpayers, the filing deadline for the 2024 tax return is Tuesday, April 15, 2025. This is the usual tax day, but it can shift if it falls on a weekend or holiday. For Maine and Massachusetts residents, the deadline is extended to April 17, 2025, giving them an extra two days to submit their returns.
Individuals who have been directly affected by Hurricane Helene or Hurricane Milton are given an extended period of May 1, 2025, to submit their returns and pay their taxes. Military personnel are also given additional time beyond the usual deadline period if they are deployed overseas or in combat. The exceptions may occur in some instances but are not applicable to the whole category of taxpayers.
Options for extension
If you require more time to prepare your tax return, you may request a six-month extension by submitting the proper form to the IRS on April 15, 2025. This extension extends your due date to October 15, 2025. An extension of time to file is not, however, an extension of time to pay. The tax due, however, must still be remitted by the original April 15 due date to qualify for no late payment penalties and interest charges.
It is not so difficult to request an extension and can keep you from getting slammed with the more serious late filing penalties if you require more time to obtain paperwork or finish your forms. Keep in mind that if you owe a refund, there is no late filing penalty, but it is always better to file on time to receive your refund as quickly as possible.
Penalties for late filing of individual returns
The IRS charges substantial penalties on taxpayers who do not file their returns on time without asking for an extension. The penalty for late filing is 5% of the extra tax due for each month or fraction of a month your return is late, up to a maximum of 25%. If you pay within 60 days of the due date, the lower penalty is $510 (for returns due in 2025) or 100% of the unpaid tax, whichever is smaller.
It’s also worth mentioning that if you are eligible for a refund, there is no late-filing penalty. You do have to file your 2024 tax return by April 15, 2028 (or October 15, 2028 if you had an extension) in order to get your refund. If you fail to do so, the refund belongs to the U.S. Treasury.
Penalties for late payment of taxes
Even if you file on time or request an extension, you will be penalized if you don’t pay your tax due on April 15, 2025. The penalty for late payment is 0.5% of the unpaid balance of additional tax per month or fraction thereof the tax is not paid, not exceeding 25%. For any given month in which both late-filing and late-payment penalties are payable, the late-filing penalty is reduced by 0.5% to 4.5%. To avoid penalties and for any help regarding filing your taxes read this article, How do I contact the IRS and speak to a person? Here are all the phone numbers you need
Besides penalties, interest (at present 8% and compounded daily) is charged on unpaid taxes from one day after the due date until your account is paid in full. Unlike penalties, interest charges cannot be abated and will continue until your tax bill is paid in full.
Corporate tax return due dates and penalties
For companies, late submission of company tax returns has penalties on another schedule but no less draconian. A company incurs an instant £100 penalty for being one day late and another £100 penalty after three months. Six months later, tax authorities will calculate corporation tax and impose a 10% penalty on the amount unpaid. For any amount of unpaid tax more than 12 months later, an additional 10% penalty is imposed.
Being a serial filer of many, if a company consistently files late returns, the fines escalate. For companies with persistent late three-filing submissions, first £100 sanctions become £500 each. Increased fines reflect how seriously business companies should uphold filing deadlines.
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