Tax Day 2014: What You Should Know About Filing by April 15

It's that dreaded time of the year again. Tax Day, the deadline for American taxpayers to pay their due to Uncle Sam, arrives on Tuesday, April 15.  

Everyone is mandated to pay taxes on all income, including labor, services and taxable foreign earnings. Tax evaders found guilty of making a frivolous return by a court of law can face a $5,000 fine and even prison time.

Anyone running behind on filing their taxes this year can file Form 4868 for an automatic six-month extension until Oct. 15. You will not be required to explain why you are asking for the extension; the IRS will contact you if your request is denied.

According to the IRS, the extension "does not give you extra time to pay your taxes. You still must estimate and pay what you owe by April 15." You will be charged interest on any amount not paid by the deadline and possibly penalized, the IRS said, reports USA Today.

Geoff Gloak, a spokesman for the New York state tax agency, recommends that people submit their tax returns online. "We encourage people to e-file to continue to receive refunds as fast as possible, and use direct deposit," he said, reports the PoughkeepsieJournal

Since 2000, E-filing has grown exponentially. More than 125 million people expected to file taxes online by the end of 2014.

Workers who earned an adjusted gross income of $58,000 or less can use the Internal Revenue Service's Free File program online.

Anyone who can't pay now has the option to sign up for the online IRS monthly payment plan, if you owe $50,000 or less. However, the installment comes with an additional fee.

Many businesses will also be giving away free goodies on Tax Day, like everything from free cookies to free massages.