This year, many people are dealing with financial troubles due to the pandemic, job loss and other factors. If you’re one of them, you may not have the funds available to pay your tax bill by the deadline. But don’t put off filing just because you can’t afford to pay the amount due on the day you need to file your tax return.

The IRS starts charging penalties and interest on the day the return is due, no matter when you file. You can minimize the failure-to-file penalties by filing as soon as possible, paying as much as you can when you file and setting up an installment plan for the balance.