When does tax season end and what happens if I don’t declare my taxes?

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Paying taxes can be a hassle but it’s one of the most important things that American citizens must do every year, because the IRS can collect or penalize you on your back taxes without any limitation on the years they can go back to charge you for.

This 2023, the tax deadline is set for Tuesday April 18, commonly known as Tax Day, across the United States.

What happens if I don’t declare my taxes

The first thing you need to know is that if you aren’t going to be able to pay your taxes by the deadline, you can file for an extension before the due date and this year you’ll be able to pay up until October 16, 2023.

Those who are owed a refund don’t carry any penalty for not declaring their taxes, but those who owe taxes to the IRS and miss the tax filing deadline must know they’ll be consequences coming from this situation.

What are the penalties for missing the tax filing deadline

Owing taxes to the IRS and failing to file your taxes will make the taxpayer end up having a late payment penalty of 0.5% each month that the tax bill goes unpaid, with the maximum penalty being capped at 25%.

Also, there’s the part of failing to file for an extension, in which know the taxpayer would also have to pay interest on top of the late payment penalty.

The filing penalty is 5% per month of the unpaid taxes, plus interest, with the maximum penalty granted for late filing is also capped at 25% of the amount.

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