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Today is the deadline to file your taxes

Tuesday is the deadline to file your taxes. // WSBT 22 photo

Tuesday morning, the clock is ticking to file your taxes!

If you haven't filed yet, you're not alone.

Millions of Americans are waiting until the last minute.

The IRS suggests you file your taxes or an extension by Tuesday,

You will be slapped with some significant penalties and interest if you don’t.

Plus, if you don't pay the taxes you owe in full by Tuesday you will end up owing even more than that to the IRS.

If you don't know exactly what you owe check your return from last year.

If you earned about the same amount, accountants say you will owe close to that this year.

What if you cannot make a full payment Tuesday?

There are three options:

  • You can apply for a monthly payment plan.
  • Request a collection delay.
  • Apply to settle your tax debt for less than you owe, if it prevents you from meeting your basic living expenses.

The IRS suggests you pay as much you can as soon as possible to avoid building interest on your account.

Don't forget, no matter what you can pay all taxpayers must submit their returns by Tuesday.

"If by chance they don't have their paperwork ready, you can file an extension. However, the extension just allows you to file your paper work late. It does not allow you to pay your tax late,” said Lisa Orzell, a local H&R tax adviser.

After filing your taxes, you can expect your refund to come within about three weeks.

It will be even faster if you opt for direct deposit instead of a mailed check.

There's also a tool on the IRS website that allows you to check your refund status.

Be sure to keep a copy of your return for your records.

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