You Missed the April 15 Tax Deadline — Now What?
Missed the April 15 tax deadline? Don’t panic — but the penalty clock is already running. Whether you owe the IRS money or you’re expecting a refund, this 2026 guide walks you through exactly what to do right now.
The IRS charges two separate penalties when you miss the deadline: a 5% per month failure-to-file penalty and a 0.5% per month failure-to-pay penalty. Filing your return today stops the bigger one immediately — even if you can’t pay a single dollar yet. We also cover the first-time penalty abatement program, which can wipe out late penalties entirely if you’ve had a clean three-year filing history.
New 2025 tax law changes may also reduce what you owe: new deductions for overtime pay, tips, and a $6,000 bonus deduction for seniors 65 and older. If you earned significant overtime or tips last year, you might have a refund coming — not a bill.
What You’ll Learn
- The 5% failure-to-file penalty vs. the 0.5% failure-to-pay penalty — and why filing today stops the worst one
- How to set up an IRS payment plan in minutes and cut your ongoing penalty rate in half
- First-Time Penalty Abatement: how to wipe out late penalties entirely if you qualify
- Why your extension did NOT move your payment deadline — and what to do now
- New 2025 deductions for overtime, tips, and seniors — you may owe less than you think
- The 3-year rule for late refund claims — your deadline is April 15, 2029
Free Step-by-Step Guide
We’ve put together a free step-by-step guide covering everything in this video — completely free, no email required.
