Even if you don’t have the money to pay the taxes you owe, filing your tax return by April 15 is still in your best interest. Although this may seem counterintuitive to some taxpayers, a new CNN Money article breaks down exactly why filing on time is the smartest choice. One of the biggest incentives to file by the deadline is to avoid the failure-to-file penalty, which adds 5 percent of the taxes you owe to your tax bill for each month you delay filing. The penalty caps out at an exorbitant 25 percent.  You also have the option to file for a six-month extension or to request a payment plan. Talking with an experienced tax attorney can help you understand all the options you have available.

To learn more, read the entire article.

Image Source: Dan Moyle