If you miss the April 15 tax deadline, the consequences can add up fast—and many Americans underestimate just how severe they can be. The IRS late filing penalty alone can reach up to 25% of the unpaid taxes you owe, and that’s before interest is added.
For seniors living on fixed incomes, these penalties can be especially damaging, quickly turning a manageable tax bill into a financial burden. Even worse, many people don’t realize that penalties begin almost immediately after the deadline passes.
