What Happens If I Miss The Tax Deadline But Am Getting A Refund?

April 15 is tax day (unless of course it falls on a Saturday, Sunday, or a federal holiday).  Miss the deadline and you'll be hit with a penalty, right?  Not always.

A little known fact about the way the United States tax system works leaves you without a penalty for filing late if you're getting a refund.  Penalties are laid out for making a late payment to the IRS.  No specific provisions are detailed if your return is submitted late and you're owed a refund from the government.  However, if you wait longer than three years to claim your refund you might possibly forfeit it.