Watch: What You Need To Know About the Tax Deadline

Columbia , S.C. (WOLO) — The deadline to file taxes is Monday at midnight and ABC Columbia spoke with tax experts to find out what you need to know before the clock strikes midnight.

For those seeking to file on-time, experts say the easiest and most time efficient way is electronically.

“The trend has normally been about 85% of taxpayers file electronically within the first 4 months of the filing season,” explained Bonnie Swingle, South Carolina Department of Revenue.

However, for those last minute taxpayers who may not meet the deadline, there is the option to request more time.

“In some cases, they don’t have all their paperwork, a lot of people have not been able to file because they don’t have the necessary forms for the Affordable Care Act,” explained Larry Moody, H&R Block. “Sometimes they haven’t been able to get certain documents and certain times they wait until the last minute and they don’t have anything that they need to file so they ask for an extension.”

The request for an extension gives you until October 15th, but there is one catch.

“The extension is for time to file, not for time to pay so if a taxpayer still owes money, they still need to pay it today,” said Swingle.

According to the SC Department of Revenue, more than 120,000 taxpayers filed for an extension on their 2014 returns, which is a better option than facing the penalty you pay for filing late.

“There is a penalty based on the amount of money that you owe as well as a flat fee for not filing,” said Moody.

To file for an extension, you can visit www.dor.sc.gov.