Why is it important to file your income taxes before Tax Day? Provide two reasons.
1. Avoid penalties and interest: If you fail to file your income taxes before Tax Day (usually April 15th), you may be subject to penalties and interest on any taxes owed. Filing on time helps you avoid these additional costs.
2. Ensure timely receipt of any refunds: If you are entitled to a tax refund, filing your income taxes before Tax Day ensures that you receive your refund in a timely manner. Delaying your filing may also delay the processing of your refund, causing you to wait longer to receive any money owed to you.