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      Five things to know about April 15

      It's the day many of you have been avoiding: Tax Day. Here are five things you need to know about April 15: / MGN Online

      It's the day many of you have been avoiding: Tax Day. Here are five things you need to know about April 15:

      To have your taxes filed by the deadline, you must file before midnight April 15, 2014.

      You can file for a tax filing extension, which would make your deadline October 15, 2014. It's important to remember that an extension is a delay to file tax forms not to pay a tax liability. Taxes must still be paid by April 15 or interest and penalties will accrue.

      If you are paying taxes with your extension to avoid the late payment penalty, you must pay at least 90 percent of your final tax liability or you will be assessed a late payment penalty.

      If you make quarterly estimated tax payments, your first payment is due April 15.

      You can make a contribution to a traditional IRA as late as April 15 to lower the taxable income on your 2013 tax return.

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