If you need more time to complete your tax return, you can apply for a filing extension, but be aware that a filing extension doesn't give you extra time to pay any taxes you owe. The IRS charges interest on penalties and underpayment, and pays interest on overpayment. There are more types of penalties, including penalties for underpayment, claiming less income than you earn and not supplying required information. If you trigger the Failure to File and Failure to Pay penalties at the same time, the combined penalty is 5% of your unpaid taxes for each month you were late. The IRS calculates this penalty as 0.5% of your unpaid taxes for each month the tax is unpaid, up to 25% of your unpaid taxes. If you owe money and don't pay by the tax deadline, you'll also trigger the Failure to Pay Penalty. The penalty is capped at 25% of your unpaid taxes. After 60 days, the minimum penalty goes up to $435 or 100% of what you owe, whichever is less. The IRS calculates this penalty as 5% of your unpaid taxes for each month your tax return is late. Missing the tax filing deadline triggers the Failure to File Penalty. By law, holidays in the nation's capital affect tax deadlines just like federal holidays. The tax filing deadline is a little later this year because Washington, D.C., is celebrating Emancipation Day on April 17. That's because the deadline for most taxpayers to file their 2022 federal income tax return is April 18 this year. If you're used to Tax Day being April 15, you might be surprised to learn you have three extra days to file your tax return in 2023.

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