3 Reasons to file today if you missed the tax deadline;
1.) The sooner you file, the less you’ll owe in penalties. If you owe, the failure to file penalty is typically 5% of your unpaid tax. And, the failure to pay penalty is 0.5% of your unpaid tax. Both penalties are assessed every month (or partial month) until you pay. On top of the penalties, you’ll owe interest.
2.) The sooner you do your taxes, the sooner you can set yourself up better for the next tax season. By doing your taxes, you can spot any paycheck withholding issues. For example, if you owe more than expected, it could be because you withheld too little from your pay. Updating your W-4 early in the year, means you’ll have the rest of the year for the new withholding to apply. Wait too long and you run the risk of having the same issue.
3.) You can get money back that’s owed to you. Even if you don’t make enough to have to file taxes, you may still get a tax refund. It could be that you overpaid in taxes through paycheck withholding. Or, maybe you qualify money back from a refundable credit such as the Child Tax Credit or the Earned Income Tax Credit. The only way to get this money back is to file a tax return. Source