Why is it important to file your income taxes before Tax Day? Provide two reasons.
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1. Avoid penalty fees: Failing to file your income taxes before Tax Day can result in penalty fees imposed by the Internal Revenue Service (IRS). By filing on time, you can avoid these penalties and potentially save yourself money.
2. Receive tax refunds sooner: If you are entitled to a tax refund, filing your income taxes early can help you receive your refund sooner. This can be especially helpful if you are relying on that money for essential expenses or financial goals.