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Is there a penalty on my taxes when I file my individual income tax return by the due date?

Generally, there is no penalty if you file your individual income tax return by the due date as long as you have paid any taxes you owe by the same deadline. However, you may be subject to penalties and interest on the unpaid amount if you owe taxes and do not pay them by the due date.

The penalty for late payment is usually 0.5% of your unpaid taxes for each month (or part of a month) that the tax remains unpaid. This penalty can increase up to 1% per month if your taxes remain unpaid after 10 days of receiving a notice from the IRS. The penalty can accumulate up to 25% of the total amount due.

It's important to note that if you are owed a refund, there is no penalty for filing your return late. However, you must still file your return to claim your refund from the IRS.