The trade deal between India and America is much discussed. A trade deal will also be signed between the two countries next month. But do you know that like India, tax refund is also available in America. Which also has a fixed date. Which is called federal tax. According to the information, the last date for filing the last federal tax by the Internal Revenue Service (IRS) for American taxpayers is April 15, 2026. Failure to file taxes by the last date of April 15, 2026 may have serious consequences, including loss of your right to claim tax returns.
This means that even if taxpayers are eligible, if they do not file their taxes by the deadline, their return amount may be permanently voided. This rule applies even though millions of taxpayers depend on tax return amounts to plan their finances every year.
According to IRS data, the average federal tax return amount in recent tax filing seasons has been about $3,000. Many taxpayers cannot afford to lose this amount. Yet, billions of dollars in return amounts remain unclaimed each year because many individuals fail to file their taxes by the tax filing deadlines set by the IRS.
Here’s what U.S. taxpayers need to know about the 2026 IRS tax deadline, penalties, automatic extensions, and ways to protect your return amounts before they’re permanently lost.
What is the last date for depositing tax?
The official deadline for filing taxes with the Income Tax Department (IRS) for taxpayers depending on the calendar year is April 15, 2026. This applies to most personal income tax returns, including those filing Form 1040.
If the last date for filing taxes with the Income Tax Department (IRS) falls on a Saturday, Sunday or public holiday, it is automatically transferred to the next working day. However, since April 15 this year is Wednesday, the last date is unlikely to be extended.
The IRS follows a strict compliance rule. If taxpayers file their taxes late without applying for an extension of the deadline, they may face penalties, interest and, in some cases, loss of eligibility for a refund if the deadline is missed.
What will happen if the deadline is missed?
If you miss the IRS 2026 tax filing deadline, it could have financial implications. Taxpayers who do not file tax returns for 2025 may have to pay a penalty. This penalty is equal to 5 percent of the taxes unpaid by the taxpayer after tax deduction.
Not only this, you may also have to pay a penalty for non-payment. This penalty is imposed at a very low rate, around 0.5 percent of your taxes owed.
However, if a taxpayer is due to receive a refund and has no tax liability, there is no tax filing penalty. But if you don’t file your taxes within three years, the refund is lost permanently.
To secure this refund, you must file your taxes on time or request a 180-day extension by filing Form 4868.
Which documents are required?
The required documents may vary depending on your individual case, but here is a list of documents that everyone requires…
- social security number
- W-2 form, if you are working
- 1099-G, if you are unemployed
- 1099 Form, If You Are Self-Employed
- Savings and investment records
- Any eligible deductions, such as educational expenses, medical bills, charitable donations, etc.
- Tax credits, such as child tax credit, retirement savings contribution credit, etc.
What is the average refund?
Last year the average refund was $3,167. Analysts estimate it could be $1,000 more this year due to changes in tax laws. More than 16.5 crore personal income tax returns were processed last year, of which 94 per cent were filed electronically.