If you miss filing your income taxes by the deadline, what is the consequence? Question 1 options: You may miss out on collecting your tax refund altogether since after 3 years the money is considered to have been surrendered to the government You may be charged a penalty at a rate which increases by another 1% every month, up to 12 months, that it is still not paid Both of the consequences explained are completely accurate and possible consequences Neither of the consequences explained are completely accurate and possible consequences