The deadline to file taxes falls on Tuesday, but taxpayers may file an extension if they're unable to make it in time.

A tax extension gives taxpayers an extra six months to file their taxes, with the extended deadline falling on Oct. 16. However, the deadline extension only applies to filing, not paying; taxpayers must pay their taxes by Tuesday to avoid incurring penalties.

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But for those who want more time to file their taxes, an extension provides another half year.

To file an extension, taxpayers must have their name, address, Social Security number, estimated tax liability, and payment if one is owed. The Internal Revenue Service provides a Free File, which allows users to conveniently file an extension electronically, with only the previously mentioned information needed.

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Taxpayers may file an extension by paper as well through a 4868 form, though it must be postmarked no later than April 18.

A failure-to-file penalty is much more severe than a failure-to-pay penalty, with the former amounting to 5% of unpaid taxes monthly, while the latter amounts to 0.5% of unpaid taxes monthly, plus interest.