If taxes are filed late, the consequences depend on whether you owe taxes or are due a refund. Here are some possible outcomes:

• If you are due a refund: There is no penalty for filing a late return after the tax deadline if a refund is due. However, its still a good idea to file your taxes as soon as possible to get your refund faster.

• If you owe taxes: If you missed the filing deadline, didnt file for an extension, and owe income taxes, you may face a late filing penalty of 5% of the unpaid tax per month, plus interest. The penalty wont exceed 25% of your unpaid taxes. If youre more than 60 days late, the minimum penalty is $100 or 100% of the tax due with the return, whichever is less. In addition, if you havent paid all of the tax you owe by the filing deadline, youll likely end up owing a late payment penalty of 0.5% per month, or fraction thereof, until the tax is paid. The maximum late payment penalty is 25% of the amount due. Youll also likely owe interest on whatever amount you didnt pay by the filing deadline.

Its important to note that filing an extension by the tax deadline can push back the tax filing deadline and protect you from possible failure-to-file penalties. If you need more time to pay your taxes, you can apply for an installment agreement with the IRS.