Why Filing on Time Matters More Than Paying On Time

Tax Day is April 15, and it’s approaching fast. The single most important financial task on your plate this month is getting your tax return submitted.

A common mistake is waiting to file if you don’t have the money to pay your tax bill. However, you should always file on time, even if you can’t pay immediately. Filing by the deadline helps you avoid “failure to file” penalties, which are typically much higher than the interest charged on late payments. Filing before the deadline is even better; it gets you your refund sooner (if you’re getting one) and helps prevent fraudulent returns being filed in your name.

If you aren’t sure where to begin, the IRS provides a comprehensive guide to help you navigate the process. You can find their official resources and step-by-step instructions at IRS.gov/filing. And you can check out our guide right here.