Tax Day arrived on Tuesday with Americans facing a midnight deadline to file their tax returns. However, if they need more time, they can file an extension and get a reprieve until later this year.

Taxpayers have until midnight on Tuesday in their respective time zones to file their returns for the 2024 tax year. Still, if a taxpayer needs more time to file, they can request an extension from the Internal Revenue Service (IRS) to Oct. 15 by using Form 4868. People can file electronically or they can send the form in the mail postmarked by today, April 15.

And it is important to note that people are still on the hook for any taxes owed as of April 15 and should be prepared to pay now to avoid penalties and interest. An expert said that failing to pay on time is nowhere near as bad as failing to file on time.

If you do need more time past April 15, it’s crucial to request an extension. The penalty for failing to file on time is up to 10 times the penalty for just failing to pay on time.

If you request an extension and expect to owe, it’s important to remember that it’s an extension of time to file, not an extension of time to pay. When you submit that extension, make sure you also make a payment of what you expect to owe to avoid penalties and interest.

Taxpayers who need more time to complete their taxes can file for an extension electronically or by mail by submitting Form 4868 with the IRS. A tax pro can also help with filing an extension. The cost for an extension depends on the method and software you’re using.

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