WASHINGTON (TND) — Taxes are due in just a few days, and millions of Americans are expected to ask the IRS for an extension.

Filing taxes can be stressful. If you Google "most hated responsibilities," doing taxes is high on the list.

“One of those mistakes we see people make is that they just get scared so then they put it aside and say ‘no, I don’t want to deal with it at all,” which is about the worst thing you could do," explained Kathy Pickering, Chief Tax Officer for H&R Block, in an interview with CNN.

To file, you will need a W2, an official statement from your employer, which provides your official wage and tax statement. You might need a 1099 form if you are a business owner or have earned interest from investments. You will also need a 1098 form if you have mortgage or student loan interest.

It all can be very intimidating, but there is software like TurboTax. You can also go to a professional tax preparer in person.

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 know Uncle Sam wants to get paid and they want to get paid April 15, and they're going to punish you if you don't," explained John W. Loyd, seasoned financial and tax advisor and the owner of The Wealth Planner in Texas.

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. You will have to pay any tax you owe by the April filing date.

“What they don't give you is six months of additional time to pay your tax," Loyd added. “There is interest that is going to accrue from April 15th.”

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.

For people getting money back, there are a few bright spots to look forward to.

The fastest way to get your refund is to electronically file and to receive that refund through a direct deposit," explainedPickering.

The average refund is $3,050, about 5% more than last year.

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