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Almost 40 million people have yet to file taxes this year

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Deadline for filing tax returns is April 18 this year

If you're found guilty of tax evasion, you could face a substantial monetary punishment, not to mention jail time, so if you're toying with the idea of bending the rules, consider this your warning to think twice.

Check (and recheck) to make sure you have all the documentation you need.

You can request a filing extension to October 16th, but if you owe any tax, you'll have to send it in by the deadline. You can file by logging onto the IRS Free File service, and most states also have this feature available on their websites.

Dulay remained optimistic that the tax collection target of P208 billion for April and the P1.829 trillion for the whole year could be achieved amid the intensified tax collection efforts of the government.

A delay in the tax return deadline is not unusual.

Tax Advisor Alejandrina Viloret says choosing not to file before Tuesday can put you at risk for penalties and interest if you owe the Internal Revenue Services or the State.

But while requesting a tax extension pushes back your filing deadline and gives you more time to get your paperwork in order, it doesn't exempt you from paying the IRS what you owe by the regular tax filing deadline. State and local sales taxes of several percent on nearly everything consumed besides housing drives up the tax burden even further.

Be mindful of the midnight deadline. Non-tax reasons for transcripts include income verification for student or mortgage loans. "There's no tax return - if the numbers look right, you just file that card away and you're done". Many countries around the world have flat tax rates, as do several US states.

You know those people who line up at the post office and spend hours waiting to get their returns out in time? It's also useful for those who are pressed for time and wary of making errors.

If not, you're far from alone.

Then there is property tax, which depending on the state can add several more percent to a family's tax bill. File for an extension. You'll need to use Form 8283 if your deduction for all non-cash gifts is over $500, CNBC reported. Same with the relatively new taxes on health care and insurance premiums. You could have access to a health savings account that could be used for future medical costs or for retirement savings.

If you have suffered a recent hardship, the IRS also may be receptive to your circumstances.

Generally, taxpayers can contribute to a traditional IRA and deduct up to $5,500 for individuals and $6,500 for those over the age of 50. Once a return or claim has been submitted, filers may check myVTax for the status of their submissions and income tax refunds. "You can't set that single rate high enough to bring in the revenue you need, but low enough for ordinary working families to pay". Tax day parties would even break out. Taxpayers must first call to make an appointment before visiting a TAC for help with their taxes.

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