It is a common misconception that you do not have to file your taxes on time, or even at all. However, neither of these are the case. Taxes must be filed each year by April 15th or you must file for an extension before that date.
If you do not file your taxes on time you may be subject to penalties by the IRS including:
- A failure-to-file penalty of 5-25% of your unpaid taxes
- A failure-to-file penalty of 100% of your unpaid taxes or $135, whichever is smaller, if you are more than 60 days late filing
