What you need to know about Tax Day

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It's Tax Day. And if you're among the 40 million Americans who haven't filed your 2016 tax return, you have until midnight.

But for those of you who need more time, you can file an automatic six-month extension. To do this, you will need to file Form 4868, which you can find at the IRS website.

It's important to remember if you do file for an extension, that only gives you more time to file, not more time to pay. So you will need to estimate the amount of tax you owe and pay it by April 18.

If you choose not to file or get an extension, you will be hit with a failure-to-file penalty. That will amount to 5% of your unpaid taxes for every month it is late, up to a maximum of 25%.

You'll also be subject to another penalty, which amounts to 0.5% of your unpaid taxes every month, for up to 50 months, of your outstanding balance.

On top of these penalties, you'll also be charged interest on your unpaid taxes starting on April 19.

The IRS said in most cases, the late filing penalty can be 10 times higher than the late payment penalty. If you can't your tax bill and didn't file an extension, at least file your return as soon as possible, you will be able to amend it later.

For people who've already filed and are waiting for their returns, you can go to the IRS website. At the top of the page, click on refunds and then click on Where's my Refund. You can also download the IRS2Go app. No need to pick up the phone to call the IRS, the same information will be found online.

The IRS said 90 percent of people get refunds in less than three weeks if they choose direct deposit.

Read the original version of this article at www.ksnblocal4.com.