Summary
For the 2026 tax year, if taxpayers file their taxes late without an approved extension, they could face penalties. These penalties include a charge of 5% of the unpaid tax per month, capped at 25%, as well as additional fees for not paying on time.
Key Facts
- The tax filing deadline for 2026 is April 15.
- A late-filing penalty is 5% of the unpaid taxes per month or part of a month.
- The late-filing penalty is capped at 25% of the unpaid taxes.
- If the tax return is filed over 60 days late, the minimum penalty is $525 or the full tax owed, whichever is less.
- A separate late-payment penalty of 0.5% per month applies if taxes are not paid on time.
- The late-payment penalty can increase to 1% under certain conditions.
- Interest on unpaid taxes and penalties begins accruing the day after the deadline.
- Taxpayers can file for an extension or set up a payment plan to avoid or reduce penalties.
