What Happens if I Miss the Tax-Filing Deadline This Year?

Last year, the IRS extended the tax deadline to July 15 to accommodate filers during the coronavirus pandemic. While the pandemic is still very much with us, the IRS won't be offering the same flexibility this year. Taxes are due on April 15, as they are every year unless the 15th happens to fall out on a weekend or holiday.

At this stage of the game, you have plenty of time to complete your taxes by that April 15 deadline. But what if you're a natural procrastinator, or the weeks just get away from you? Is there a penalty for filing your taxes late? Here's what you need to know.

If you're late filing your taxes and the IRS owes you money, there's no penalty per se, but you will delay your own refund, which could be bad if you need that money to pay immediate bills. If you owe money on your taxes, however, then it's a different story.

Source Fool.com