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Suzanne Blake

By Suzanne Blake

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April 15 marks the deadline for the majority of Americans to file taxes. After this day, those who owe taxes and don't have a prior extension will incur penalties with interest.

National Tax Day may be recognized by the federal government, but it is not actually categorized as a federal holiday.

Why It Matters

Those who do not file by the deadline risk seeing a failure to file and failure to pay penalty, and the interest the Internal Revenue Service adds to what a person owes can increase exponentially.

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Since Tax Day is also not a federal holiday, government workers and most people in the United States won't have the day off work to finish their taxes and make sure they're filed on time.

IRS

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When Is the Deadline to File Taxes?

The IRS has set the federal tax filing deadline for Tuesday, April 15. This is the last day most Americans can submit individual returns for the 2024 tax year without incurring penalties or interest.

People can ask for an extension, which would give them up to six additional months to file, but April 15 is the last day to legally requires the extension.

The IRS began accepting tax returns on January 27, and expects more than 140 million filings this season, according to an official release from the agency.

However, certain taxpayers may qualify for an extended deadline. That includes individuals affected by federally declared disasters, such as Hurricane Helene or the Los Angeles County wildfires. Those tax payers have until October 15 to file their returns.

Is Tax Day a Holiday?

Tax Day is not a federal holiday, which means banks, schools, post offices and government offices operate as usual.

Where Can I Get Discounted Food on Tax Day?

Several restaurant chains offer special Tax Day promotions. According to RetailMeNot, deals available on April 15, include:

Other chains like TGI Fridays, White Castle, Potbelly, and Noodles & Company are also offering deals ranging from BOGO entrees to discounted desserts. Availability and participation may vary by location.

How to Request a Tax Extension 2025

Taxpayers who need more time can file for a six-month extension by submitting IRS Form 4868 on or before April 15. This will move the filing deadline to October 15. IRS. The IRS warns that missing the filing deadline without an approved extension may result in a Failure to File penalty of up to 25 percent of unpaid taxes.

However, an extension to file does not extend the deadline to pay. Taxes owed must still be paid by April 15 to avoid interest and penalties, according to the IRS.

Taxpayers who qualify can use free filing services like IRS Free File or Direct File, available on IRS.gov, or seek help from IRS-certified volunteer income tax assistance programs for those who qualify.

What People Are Saying

Kevin Thompson, the CEO of 9i Capital Group and host of the 9innings podcast, told Newsweek: "Even if you file an extension, that 0.5 percent penalty still adds up if you don't pay what you owe. The only break? If you file on time and set up a payment plan, the failure-to-pay penalty drops to 0.25 percent per month."

Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "It's pivotal you get your tax information submitted on or before April 15th, and if extenuating circumstances are going to delay the process, you have a game plan for extensions that can give the IRS a timeline for their completion. The penalty amount for missing the yearly deadline is relatively small depending on the amount owed, but it can eat into your refund. More importantly, it can significantly add up with time, as the IRS charges interest on the amount owed in the same way other loans do."

Michael Ryan, a finance expert and the founder of MichaelRyanMoney.com, told Newsweek: "If you miss the April 15th deadline this year and you owe the IRS, they're not exactly forgiving about it. The penalties stack up fast. You'll get hit with a failure-to-file penalty of 5 percent of what you owe for each month you're late, up to 25 percent total."

What Happens Next

Taxpayers will need to submit their tax forms by April 15 if they want to avoid any penalties on unpaid taxes. However, for those who are not required to file, there's no penalty for filing later for your refund.

"If the IRS owes you money, there's no penalty for filing late. They're perfectly happy to hold onto your cash interest-free," Ryan said.

Filers are also encouraged to file their returns early because the sooner a person files, the sooner they'll get their return.

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