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If you missed your key tax deadlines, then you have options for their repayment. Those options depend on your type of tax deadline you missed and whether your tax refund is due or you owe any tax amount.
For the tax year 2024, if you overpaid the taxes, then generally you did not face any penalty for filing late taxes. However, it is advisable to pay your due taxes as soon as possible. Further, you can claim your tax refund within three years of the due date. This means for tax returns of 2024 (due in April 2025), the refund closes in 2028. If you claim after this, your tax refund will become property of the US Treasury.
If you miss your tax filing deadline and owe taxes, then the IRS may charge 5% which is failure-to-file penalty imposed per month on the unpaid owe taxes, and it can be up to 25%. Additionally, a 0.5% failure-to-pay penalty on unpaid taxes per month. Apart from this, on the unpaid balance, interest rates will be charged, and on a quarterly basis, these will change according to the IRS.
In this scenario, as soon as possible make pay your due taxes. It is because the IRS charges interest and penalties on the amount you owe and how late you file your taxes. However, you can reduce the increased taxes by filing the taxes as soon as possible. In case you are not sure about your estimated taxes, you can pay 90% amount of your present tax bill or 100% of your last year's tax bill. It helps you avoid an underpayment penalty.
If you owe more than you pay, try to pay the amount as soon as possible. It is because the later you file your taxes, the more penalties and interest will be charged by the IRS on your due amount. Additionally, for the payment of your owed taxes, you can also sign an installment agreement. This helps you in paying your owed taxes in installments.
The fastest way to file your tax return in the US is electronically. Filing your taxes online on the IRS portal is more secure and time-saving than paper filing. It is because in the online mode, your tax return is electronically submitted to the IRS, so you do not need to worry about arriving late or getting lost in several mail. Also, within a few minutes of your tax return submission online, you receive the confirmation in your email ID. Apart from this, it is also the quickest way to receive your tax refund in less than 21 days into your bank account.
If you need more time to file your tax return, then it is advisable to request an extension in advance. It helps in not rushing the tax filing process. Generally, the IRS offers a six-month extension to anyone who requests more time than the due date to file taxes. To submit an extension request, you need to fill out Form 4868 available on the IRS website. However, know that this extension is not available for owe taxes, so file them on their respective due date.
If you live in an area impacted by a natural disaster and need more time to file your taxes, then the IRS might give you tax relief. Generally, the taxpayer who lives or has a business in the federally declared disaster area often there the IRS postpone the payment and tax filing deadlines.
If you made a mistake, you do not need to redo the application process. Along with Form 1040-X, filing an amendment, provide copies of the tax form or schedules that you are changing or that you did not attach to your original tax return. Form 1040-X of the IRS is a two-page paper that is generally used to amend a previously filed ITR.
By Navneet Jain |Last Updated: December 26, 2025
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