Today is the last day to file your taxes
If you've been putting off filing your taxes, you're far from alone — and you're not necessarily lazy, either. A new Harris Poll on behalf of Origin found that 41% of Americans have delayed filing this year, with one of the most common reasons being burnout from financial stress. That sentiment is especially strong among younger adults: 15% of Gen Z and 13% of millennials said they’ve put off taxes due to financial overwhelm, compared to just 2% of Boomers.
But like it or not, today’s the day — April 15 marks the official deadline to submit your return and pay what you owe. According to the latest IRS data, about 101 million returns have been filed so far, which means tens of millions are still in motion.
Procrastination is common, but skipping tax season altogether can have consequences. Roughly 7 million taxpayers fail to submit their required returns each year, while 146 million file as expected. That means about 5% of the population misses the deadline — and the IRS doesn’t take kindly to it.
What happens if you don’t file?
If you’re owed a refund, there’s no penalty for filing late — but you won’t get your money until you submit your return. You have up to three years to claim it before it gets turned over to the U.S. Treasury. But if you owe taxes, penalties start right away. The IRS charges a monthly penalty that can quickly snowball, and filing more than 60 days late triggers a minimum fee of $485 or 100% of what you owe — whichever is less. On top of that, interest accrues over time, making the total due even higher. Altogether, these penalties can add up to 25% of your unpaid tax balance.
What if you’re not ready to file?
You can request an extension, which gives you until October 15 to file your return — but that doesn’t delay your payment deadline. You still need to estimate and pay your tax bill by today to avoid penalties and interest. If you don’t know your exact amount due, the IRS recommends paying as much as possible to reduce future charges.
If you’re unable to pay in full, the IRS offers installment plans to help you avoid the worst of the damage. But your best move is simple: file today, even if you can’t pay immediately.
This content originally appeared in The Gist, Origin's twice-weekly personal finance newsletter.
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