File On Time to Avoid Interest and Penalty

You should file your tax return by the deadline, April 18, 2022, even if you cannot pay your full tax bill.

Taxpayers who owe tax and don’t file on time, may be charged a failure-to-file penalty. This penalty is usually five percent of the tax owed for each month, or part of a month that the tax return is late, up to 25%.

— People who owe tax and do not file their return on time or request an extension may face a failure-to-file penalty for not filing on time.

— Taxpayers should remember that an extension of time to file is not an extension of time to pay. An extension gives taxpayers until October 17, 2022, to file their 2021 tax return, but taxes owed are still due April 18, 2022. 

Whether filing a return or requesting an extension, taxpayers must pay their tax bill in full by the April deadline to avoid interest and penalties.