GREEN BAY, Wis. (WFRV) - If you received an extension on your taxes this past April, your new deadline is coming up. Those who have yet to file their state and federal tax forms have until Monday, October 15th  to do so.

According to the state Department of Revenue, an extension provides tax payers more time to file without incurring late fees. Still, they will be charged interest from April 15th if they owe state taxes.

Jim Olson is a CPA with Schenck, a Green Bay company which handles tax preparations mostly for local businesses. He said the last few weeks have been busy. Roughly 40% of his clients seek an extension. While there are no penalties for extensions, missing this deadline could cost you.

"If you have to pay, obviously you should pay as soon as you can because interest is running," Olson advised. "If you can't pay, there are opportunities to get an installment agreement or work out other payment arrangements with the IRS, but definitely file the return on Monday."

The Department of Revenue urges people to file their returns electronically. Officials say it's more accurate and secure.

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