File your tax return today to avoid paying failure to file fee

We’ve officially reached that other tax day.

Today is the last day to file your 2017 taxes without hitting the failure-to-file fee, according to a LifeHacker article. 

The failure-to-file fee is different than the penalty for paying late taxes. When you pay taxes you owe late, you’re paying 0.5 percent of the amount owed each month you haven’t paid plus interest. The failure-to-file fee piles five percent for each month or part of a month a tax return is late on top of those other fees.

To avoid paying those fees, consumers who haven’t yet filed their 2017 tax returns need to either file or request an extension today, June 14.

“You’ll still owe taxes and whatever late-to-pay penalties you accrue, but you don’t need to worry about the additional penalty,” according to the LifeHacker article.

And, hey — every little savings counts, right?