Did You Pay Your ‘Fair Share’ of Federal Income Tax This Year?

As Tax Day—April 18—creeps closer, some of us will prepare to write a check to the IRS. It’s not surprising that it gets pushed off; few taxpayers want to pay their taxes early. Data from the Treasury Department shows that there’s typically a boost in receipts beginning in April, representing tax payments, in contrast to an earlier series of outlays in the fiscal year likely tied to tax refunds.

Even early filers may hold onto their payments until the last minute, because there’s no requirement that you have to pay simultaneously with your tax filing. Interest and penalty don’t ...