What Happened The Internal Revenue Service (IRS) has confirmed that the deadline for filing federal tax returns for the 2025 tax year is set for April 15, 2026. This date falls on a Wednesday, and taxpayers are encouraged to prepare their filings in advance. Employers were required to send out W-2 forms by the end of January, and the IRS began accepting tax filings on January 26, 2026. Why It Matters Understanding the tax filing deadline is crucial for taxpayers to avoid penalties. If a taxpayer fails to file their return by the deadline, they face a standard penalty of 5% of any tax due for each month the return is late, up to a maximum of 25%. However, if a return is filed but taxes owed are not paid, the penalty is reduced to 0.5% per month. Taxpayers can request a six-month extension, which allows them until October 15, 2026, to file their returns, but any taxes owed must still be paid by the April deadline. What’s Next Taxpayers should prepare for the upcoming deadline by gathering necessary documents, including W-2 forms and other income statements. Those who anticipate needing more time can file for an extension by April 15. Additionally, the IRS expects to process around 164 million individual income tax returns in 2026, with a majority of submissions expected to be filed electronically. Taxpayers are advised to monitor their refund status online, as electronic filings typically result in refunds being issued within 21 days. Post navigation Indian Stock Market Faces Volatility Amid Global Cues and Sectoral Selloff