Time is Running Out to File Your Taxes

News9.com

OKLAHOMA CITY -- Today is Tax Day and millions are still filling out federal and state tax forms as the midnight deadline approaches.

If you cannot get your federal and state tax forms completed in time, you will need to file for an extension with the IRS and the state of Oklahoma.

IRS Income Tax Extension Form | Oklahoma Income Tax Extension Form

It's important to note, the extension is for more time to file, not to pay. The IRS says you still need to estimate your tax liability and pay any balance due when you request an extension.

"Filing an extension doesn't mean you can delay paying your taxes," said Tax and Financial Advisor Gary Schatsky. "When you file the extension you have to pay what you think you owe. If you don't, you're going to get a penalty."

For filers who can't pay their tax bills by the 15, the IRS offers a monthly payment plan. You'll be charged interest and penalty fees on the amount you owe, but experts say this is much cheaper than ignoring your debt altogether.

To find out about your post office's hours, visit www.usps.com.

Two post offices in Oklahoma City have extended their collection hours for Tax Day. The Center City Post Office, located at 305 N.W. 5th Street is open until 10 p.m. The airport post office, located at 6500 Air Cargo Road, is open until 11:58 p.m.

Some local businesses are trying to ease the pain of tax day by putting money back in your pocket.

- Starbucks is offering free coffee all day long, all you have to do is bring your own mug.
- PF Chang's is giving customers 15 percent off food purchases.
- I-HOP is giving one free dinner for a child age 12 and younger with each adult meal purchased from 4 to 10 p.m. through the entire month of April.