ROCKFORD, Ill. (WTVO) — The deadline for filing taxes is Tuesday.

Filing late, or not at all, could cost residents. The IRS places a 5% penalty each month on unpaid taxes, which applies to up to 25% of taxes that residents owe.

The Federal Reserve also knows how much people owe. They have access to residents’ work W-2 or 1099 statement.

Residents can ask the IRS for help filing on-time, or for a payment extension.