Tax Filing Extension Deadline: Procrastinators, You Still Have Time..

Do not worry if you did not file your taxes on time, you still have some options to turn to.

According to the IRS, millions of Americans do not meet the April 15 deadline for their federal taxes. If you are a part of this group, you can ask for more time. However, procrastinating does not come without consequences.

Before the end of today, if you know you cannot file your taxes, you must file for an extension.

"But the most important thing to remember is that an extension is only an extension to file, not an extension to pay," Richard Gartland, H&R Black senior tax adviser said reported by ABC News.

Filing in general is not enough. The key in avoiding fees is to pay your taxes immediately. If you do not pay your taxes on time, however, you could end up with additional fees that include interest and penalties. The penalties alone, according to Gartland, can be up to 25 percent of your overall tax bill.

Foxbusiness reported that the failure to file penalty is five percent per month of the balance that is due. If you file your forms on time but fail to pay the IRS, the penalty is 0.5 to 1 percent of the tax due per month that goes unpaid.

If for some reason, you cannot file either forms today, the IRS advises you to try and send them in as soon as possible. By filing them earlier, you can keep the extra costs to a minimum.

Tax payers have several options to file an extension. They can go through the Free File link on IRS.gov, designate an extension through one of the IRS's e-payment methods, such as IRS Direct Pay, or file Form 4868.

The IRS also offers penalty relief for tax payers who recently experienced hardship. In order to file for relief, tax payers must show evidence that they experienced substantial monetary loss in the form of documents. To apply for penalty relief, fill out Form 1127.