Identification

• Late tax returns are returns filed after April 15. If a mailed-in tax return is postmarked by April 15, it is considered to be filed on time. This means that the IRS doesn't need to have a tax return on hand by April 15 for it to be filed on time, you must simply mail it by April 15th. The deadline is extended to the next business day if April 15 occurs on a weekend. Tax returns submitted online on April 15 are also considered on time.
  
  

Drawbacks

• Late tax filing has numerous potential drawbacks. Firstly, the IRS will likely send you a bill for the amount of tax you owe plus a fee for filing late and possible additional interest fees based on the amount of money you owe. The longer you wait to file, the more the interest fees can grow.
  
  

Benefits

• Late tax filing is typically not beneficial, but if you forget to file a return where you were owed a tax refund, you may be entitled to a refund by filing a late return. If you do not owe additional taxes, you may not be subject to penalties when filing a late return. If you are due a tax refund, the refund must be claimed within three years or the money may be forfeited.
  
  

Potential

• Tax filers who miss the tax deadline and wait too long to file a late return can potentially be pursued by the government for back taxes. The IRS states that, the collections process "can include placing a levy on wages or bank accounts or filing a federal tax lien against your property."
  
  

Considerations

• Filing taxes early is a way to reduce the chances of late filing. Many tax payers file taxes on or a few days before April 15, which risks the possibility of late filing. By filing a month or more ahead of time, tax professionals will likely be more available to help you with returns and Web-based filing services will be less trafficked, which can make the filing process go more smoothly. If you are owed a refund, filing early may allow you to get your refund sooner.