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.

April is here and there still is a small amount of time to complete your tax returns. Many of you may have procrastinated until the very end and need to get something filed by the Tuesday, April