The Best Time to File Your Tax Return - NerdWallet (2024)

Many things in life come down to timing, and tax returns are no exception. Wait too long, and you could miss the filing deadline, setting you up for interest charges or even penalties.

It’s always a good idea to file by the tax deadline, which is April 15, 2024, but you might be able to save money, avoid or realize other advantages if you file during other parts of tax season. It all depends on your objective.

Objective: Do it as cheaply as possible

BEST TIME TO FILE: TYPICALLY, BEFORE MARCH 15

The market for tax software is competitive, and providers often change their prices throughout the year. In normal tax filing years, prices tend to go up during the 30 days before the typical April deadline, and not just for federal returns. Fees to file state returns may rise as well when demand peaks.

Objective: Avoid late penalties

BEST TIME TO FILE: BY THE APRIL 15 DEADLINE

If your tax return misses the April filing deadline, the IRS could hit you with a late-filing penalty of as much as 5% of the amount due for every month or partial month your return is late (up to a maximum of 25%). You can get an extension, but you have to request that by the April 15 deadline, too.

The IRS considers your return on time if it is properly addressed, has enough postage, is postmarked, and is put in the mail by the due date. If you're an electronic filer, you are considered on time if you file by midnight in your time zone.

Avoid the mistake of thinking that getting an extension means you get more time to pay. Drag your feet past the April deadline, and you may owe interest, plus the IRS could also assess a late-payment penalty, which normally costs 0.5% of the outstanding tax each month, to a maximum of 25%.

Objective: Fend off criminals

BEST TIME TO FILE: AS SOON AS YOU HAVE ALL YOUR PAPERWORK

Tax identity theft is still a big problem. It generally starts by accessing someone’s personal information, then filing a fake tax return under the person’s name to pocket the tax refund. If you file before a criminal does, there’s no refund to steal — in theory, at least.

Keep criminals’ hands off your refund check by filing your tax return as soon as you have your W-2 form and other paperwork. That could mean doing your taxes in February or even earlier. The IRS typically begins accepting tax returns in mid-January, and employers usually send out W-2s by the end of that month.

Objective: Get your refund ASAP

BEST TIME TO FILE: ANY TIME — BUT DO IT ELECTRONICALLY

If you want your refund right away, don’t mail a paper return. Refunds from old-school paper returns can take up to six months to process. Filing your return electronically (“e-filing”) lets the IRS hit the gas on your refund. The refund is issued within 21 days in most cases.