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April 15 is tax day, the last day to file taxes without penalties. According to the postal service, tax returns are considered on-time if they’re addressed correctly, have enough postage and are postmarked by tax day. For those whose returns didn’t make the cut, the IRS can enforce penalties. The fee for filing late is usually 5 percent of the unpaid taxes for each month the return is late, and won’t exceed 25 percent of unpaid taxes. Failing to pay by the tax deadline results in a penalty of half a percent of the unpaid taxes each month after the due date. According to personal finance website WalletHub, the average American spends 11 hours and $200 to complete an annual income tax return form.

About 90 percent of the specialty jewelers in the U.S. generate less than $2.5 million in annual sales, according to the International Diamond Exchange. Most only operate one or two stores, IBISWorld data shows that the jewelry and watch wholesaling industry revenue dropped 1.8 percent over the past five years as the price of precious metals continue to be volatile. Additionally, IBISWorld reported the marriage rate was expected to decline in 2018, a potential threat to the jewelry stores industry.