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Timing is everything, especially when it comes to filing your tax return. Miss a deadline by a day and you could be in for a world of hurt 鈥� and penalties. It鈥檚 never good to be late, but there are advantages to filing at different times depending on what you鈥檙e trying to accomplish.

Objective: avoid penalties and interest

Best time to file: by the annual April deadline.聽Missing the tax-filing deadline leaves you open to a late-filing penalty of 5% of the amount due for every month or partial month your return is late. You can聽, but you have to request one by the April deadline. And don鈥檛 be one of those people who聽聽if they get an extension.聽If you don鈥檛, you鈥檒l owe interest, and the IRS might also assess a late-payment penalty, which normally costs 0.5% of the outstanding tax per month.

Objective: avoid refund theft

Best time to file: The minute you have all your paperwork.聽Tax-identity theft is a growing problem. Between 2010 and聽2013, the number of taxpayers affected annually shot up from about 271,000 to 2.4 million, according to a 2015 report from the聽. It generally happens when a criminal accesses your personal information and files a tax return under your name to pocket the refund.聽. But if you file before a criminal does, there鈥檚 no refund to steal 鈥� in theory, at least.

To beat the criminals to the punch,聽file as soon as you have your W-2s and other paperwork. That could mean completing聽your return in February or even earlier 鈥� the IRS typically begins accepting tax returns in mid-January, and employers usually send out W-2s by the end of that month.

Objective: file as cheaply as possible

Best time to file: before March 15.聽Tax software providers tend to raise prices during the 30 days before the April deadline. And we鈥檙e not just talking about聽聽going up 鈥� the fees to file state returns and e-file often head north as demand peaks.

Keep in mind that you might be able to聽, especially if your taxes are uncomplicated or you fall into a middle- or low-income bracket.

Likewise, if you鈥檙e聽, avoid the rush. The average fee to expedite a return is $88, according to the National Society of Accountants.

Objective: get your refund quickly

Best time to file: anytime, as long as it鈥檚 electronically.聽If you聽, the IRS will likely issue your refund聽within 21 days. To get it as soon as possible, have it聽direct-deposited into your bank account. Old-school paper returns are typically processed more slowly, and refunds can take six to eight weeks to arrive.

E-filing gives you聽a better idea of where your return stands, too. After you e-file, the IRS notifies you when it receives your return, when it approves your return and when it sends your refund.

Tina Orem is a staff writer at NerdWallet, a personal finance website. Email:.

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