If I file my federal return one day after the tax deadline, will I have to pay a tax deadline penalty or interest?

If you owe tax, you usually will. However, you won’t pay a late taxes penalty or interest if you’re:

• Receiving a refund
• Outside the country while serving in the military
• Living in a federally declared disaster area

If you have a balance due, the IRS can assess both of these:

• Late-filing penalty — 5% of the balance due per month up to 25%
• Late-payment penalty — 0.05% (or part of a month), up to 25% of the tax due

The IRS charges interest on unpaid tax from the return’s due date until the date of payment.