Last-minute tax filers, you’re running short on time. The tax filing deadline is just a few days away. While the IRS expects more than 140 million tax returns to be filed by April 15, only about 89 million had been received by March 28,

Filing an extension prevents the IRS from imposing the costly failure-to-file penalty, which is assessed if you fail to file your tax return by the deadline. The failure-to-file penalty is a hefty 5 percent of your unpaid taxes every month, up to a maximum penalty of 25 percent.

Taxpayers who do not file or request an extension by Tax Day may face penalties, even if they are due a refund.