If you have not filed your taxes, your time is about to run out.

Taxes are due and need to be submitted online or mailed to the IRS by 11:59 p.m. this Monday (April 15, 2024).

Officials say millions are expected to ask the IRS for an extension.

If you owe and fail to file on time, the IRS will issue a five percent penalty for each month you are late. The penalty could be as much as 25% of your unpaid taxes.

You can get an extension to avoid some penalties. If approved, that will give you six more months to file with everything due on October 15, 2024. The extension has to be filed by tax day (April 15). You will have to pay any tax you owe by the April 15, 2024 filing date.

The failure to pay penalty is 0.5% of the unpaid taxes for each month or part of a month the tax remains unpaid. The penalty won’t exceed 25% of your unpaid taxes, per the IRS.

To request an extension, you must file electronically or by mail a 4868 form. You can also pay all or part of your estimated income tax due and indicate the payment is for an extension.