Lesson 6: When to File Your Federal Tax Return

Filing your federal tax return on time is crucial to avoid penalties and interest. This lesson covers the deadlines, extensions, and consequences of late filing. But don't worry, we've got your back like a trusty tax-savvy superhero!

Federal Tax Return Deadlines

Generally, your federal tax return is due on April 15th of each year. If April 15th falls on a weekend or legal holiday, the deadline is extended to the next business day. So, you might get a tiny bit more time if Tax Day and the weekend decide to hang out together!

Tax Extensions

If you need more time to file your tax return, you can apply for an extension using IRS Form 4868. This extension grants you an additional six months to file your return, moving the deadline to October 15th.

graph TB A["April 15: Tax Return Due Date"] B["File Form 4868"] C["October 15: Extended Deadline"] A -->|Need More Time?| B B --> C

Consequences of Late Filing

Filing your tax return late without an extension can result in penalties and interest on any unpaid taxes.

  • Failure-to-File Penalty: Typically 5% of the unpaid tax for each month your return is late, up to a maximum of 25% of your unpaid taxes. Ouch!
  • Failure-to-Pay Penalty: Usually 0.5% of the unpaid taxes for each month the tax is not paid, up to 25% of your unpaid taxes. Double ouch!
graph LR A["Late Filing"] --> B["Penalties"] & C["Interest"] B --> D["Failure-to-File Penalty"] C --> E["Failure-to-Pay Penalty"]

Additional Resources

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