The deadline for filing tax with the Internal Revenue Service ends today (April 15) at 11:59pm ET. If you're rushing to file taxes in the final few hours, there is a need for caution. An error in filing at the last minute will lead to rejection, and subsequently a penalty for late filing.
Here are four critical mistakes that last-minute taxpayers need to be careful about to ensure that the returns are filed smoothly and accurately:
1. Spellings Are Important
Even a small typo in your name, Social Security number, or bank details can lead to rejection or delays in processing your return. Make sure all personal information matches official records exactly.
2. Don't Miss The Signature
For those filing manually, forgetting to sign your tax return can render it invalid. If you're filing electronically, ensure you complete the digital verification process using the correct PIN or credentials.
3. Include All Income Sources
One of the most common mistakes is failing to report all sources of income. This includes freelance work, side gigs, investments, or rental income. Missing out on any income can trigger notices or audits later.
4. Double-Check Filing Status
Choosing the wrong filing status: such as single, married filing jointly, or head of household, can impact tax liability and refunds. Review the eligibility carefully before submitting your return.
The IRS charges a failure-to-file penalty of 5% of the tax you owe for each month the return is late, up to a maximum of 25% of the unpaid tax. If your return is more than 60 days late, there is a minimum penalty of $525 for 2026 returns, or 100% of your unpaid tax, whichever is smaller.
Additionally, the IRS also charges interest on unpaid taxes, currently at the federal short-term rate plus 3 percentage points. The interest on taxes charged by the IRS compounds daily.
