"You should have all of your documents by now, and if you don't, hope's not a strategy," says Jackson Hewitt Chief Tax Officer, Mark Steber.
Steber says three out of four Americans are due a refund this year.
The extension in the US tax code is automatic for anybody who files the federal extension Form 4868.
Steber says people often misunderstand what the extension means.
"It gives you six more months, up to October 15, to send in your final paperwork," he said. "It does not give you more time to pay your taxes. Those are due by midnight on the 15th, or you face the risk of an underpayment or late payment penalty plus interest, which starts compounding daily the next day."
If you can't afford to pay your taxes by the 15th, there are options.
"Even at the IRS, to pay your taxes over time using an installment plan," Steber said. "There are private company plans that can help you pay. There are even suggestions from a good, competent pro on how they can tell you how to arrange payment. In worst-case scenarios, there's even a tax forgiveness program at the IRS, and they can forgive taxes."
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