File your tax return by June 14 to avoid the failure-to-file penalty

If you haven't yet filed your 2017 taxes, you have one final day to do so before facing a failure-to-file penalty.

This penalty differs from the late payment charge, which is 0.5% of the unpaid amount each month, plus interest. The failure-to-file penalty is usually 5% for each month, or partial month, the tax return is late. If you haven't filed within 60 days of the original April 18 deadline, the minimum penalty is $210 or 100% of the tax due, whichever is lower.

To avoid this, file your taxes or request an extension by June 14. While you'll still be responsible for taxes owed and any late payment penalties, you can avoid the extra penalty.

As DeDe Jones, managing director of Innovative Financial in Lakewood, Colorado, told CNBC: 'You can avoid some penalties by at least filing your return. And if necessary, you can request a payment plan.'

This penalty doesn't apply if you're owed a refund or if you filed for a six-month extension. Additionally, if you haven't filed yet, it might be wise to set up calendar reminders to avoid losing more money in the future.