If you missed the April 15 tax deadline, file and pay your taxes immediately to avoid penalties and interest. The late filing penalty is 5% per month, while the late payment penalty is 0.5% per month. Interest is also charged based on current rates. File an accurate return even if you're missing some information, but don't guess or estimate. You have payment options like installment plans if you can't pay your balance in full.
Most taxpayers have until April 15 to file their federal taxes, but you can file for an extension that pushes the due date to October 15. Filing for an extension is free and can be done online. However, even with an extension you must still pay any estimated tax balance by the original due date to avoid penalties and interest.
