Tax Day is the deadline for filing your annual income tax return with the Internal Revenue Service (IRS). For most people, Tax Day falls on April 15th. However, if April 15th falls on a weekend or holiday, the deadline is extended to the next business day.
Filing your taxes on time is important to avoid penalties and interest charges. If you owe taxes, you may also have to pay a late payment penalty. The penalty is 5% of the unpaid taxes for each month or part of a month that your return is late, up to a maximum of 25%. In addition, you may have to pay interest on the unpaid taxes.