LITTLE ROCK, AR (KNWA) - Tuesday marks tax day for Americans and procrastinators everywhere are feeling the pressure.
At this point, if you owe on your income taxes, the IRS recommends e-filing, but if you are supposed to get a refund, you can wait to file and not get hit with fees.
"As far as getting a refund, IRS will go back 3 years so 2010, if you need to file your tax return April 15th is the last day to still get your refund for 2010," Sarah Hamilton with Jackson Hewitt said.
If you owe the IRS, but need more time, Hamilton said you must file an extension by April 15th or else you'll face fines.
The extension gives you 6 extra months to file, but you may not want to wait that long.
"If they file an extension, it waives their penalty that they filed on time. It waives that penalty, but their interest still accumulates during that time," she said.
If you don't file an extension and are late, the penalty fee will grow until you pay.
"If you get behind on your taxes, the IRS will send you a lovely little letter letting you know the years you need to file and how much you owe, and you will owe them until you can rectify and show that you may are entitled to a refund, because they only have what you made that year, not what you are supposed to be getting back," she said.
The IRS has tips for taxpayers who miss the deadline on its website here.
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