Today is Tax Day

(WAND) - Today, Tuesday, April 15, is Tax Day, the deadline to file your income tax return.

If you are not able to file in time, this is how you can file for an extension and avoid paying penalties.

If you apply for an extension, your deadline to file is pushed back until October 15, 2025. To apply, fill out Form 4868. You can download a PDF of the form here if you want to mail it in.

You also have to fill out your estimated tax liability for 2024. It has to be postmarked by April 15.

You can also file an extension online with an IRS free file partner.

If you do not file on time or apply for the extension, the penalty is 5% of the balance due for each month it is outstanding.

The IRS will also assess interest on that amount due.

If you owe the IRS money, an extension does not give you extra time to pay. If you can’t afford to pay what you owe, you can opt to do an installment plan with the IRS.

You can apply for a payment agreement with the IRS online through the Online Payment Agreement Tool. You can also apply by phone or mail by submitting the Form 9465.