Last-minute tax filers still have options, but the clock is ticking

With just days left before the April 15 tax deadline, financial experts say procrastinators still have time to act, but waiting any longer could cost you.

Whether you haven't started, can't find your documents, or think you owe money, the advice is the same: do something now.

Tax professionals say people who miss the deadline risk penalties and interest — even when the IRS ultimately owes them money. Here are three key things last‑minute filers should know.

File something by April 15, even if you can't pay

The biggest mistake is doing nothing.

If you miss the deadline entirely, the IRS can impose late‑filing penalties, failure‑to‑pay penalties and interest that compounds daily. Filing on time, even without full payment, keeps more options available, according to Jackson Hewitt chief tax officer Mark Steber.

Those options may include:

• IRS installment payment plans
• Possible penalty relief
• Reduced interest compared with filing late 

Steber stresses the IRS is more flexible with taxpayers who file on time than with those who disappear after the deadline.

An extension gives you more time to file, not more time to pay

One of the biggest misunderstandings each tax season involves filing extensions, Steber said.

An extension gives you six additional months to submit paperwork, but it does not delay when your taxes are due.

If you owe money, payment is still due April 15. Filing an extension without paying what you owe can still trigger penalties and interest.

In many cases, Steber says people request extensions simply because they believe they're missing forms, only to learn those documents can often be downloaded online within minutes.

Don't assume you owe, because you could be owed money

Many people delay filing because they expect to owe taxes, especially freelancers, gig workers or people with side income, Steber explained. But he says that assumption is often wrong.

And even if you already filed, the tax system allows a three‑year window to amend a return and reclaim missed refunds.

"If you say, 'wow, I didn't take that tip deduction because I did it myself, or my pro didn't take the overtime deduction, because I didn't mention it, or I didn't take the senior deduction, or … the new child tax credit, or the larger standard deduction,' you have three years to go back and amend that tax return," Steber said. 

"It's basically file another type of tax return and reclaim that money and get that money in your bank account." 

A separate April 15 deadline could mean lost refunds

April 15 is also the deadline for claiming 2022 tax refunds.

The IRS estimates more than $1 billion in refunds remain unclaimed nationwide, often because people didn't file after earning too little income to be required to file.

After three years, unclaimed refund money goes back to the Treasury.

For more tax-season help, you can find CBS News Philadelphia's In Your Corner tax season special on the CBS Philadelphia YouTube channel.

Looking for help with a consumer issue? Click here to submit your complaint to In Your Corner.