BEND, OR -- Tax Day is right around the corner, and one local tax professional says it’s not too late to buy yourself a little time by filing an extension. However, Evan Dickens with Jones & Roth in Bend tells KBND, an extension does not necessarily put off your financial responsibility. "Here’s the problem – an extension is only an extension to file, not an extension to pay. If it’s possible you’re going to owe tax, you need to have paid it by April 15 or you’ll be subject to a couple of different sets of penalties. The most onerous penalty that the IRS can assess if you don’t extend and don’t file and you owe tax. That’s a Fail To File Penalty, and it’s huge."

Dickens says the new healthcare mandate is causing some confusion for taxpayers, this year, "If there was a three-month gap in your coverage, for example, you may have a little bit of a penalty due for those 3 months – It’s prorated, monthly. But, you need to be honest and clear if there was a portion of the year you did not have health insurance covering you, there’s a tax responsibility for that." Penalties for lack of health insurance will be higher in tax year 2015, then even higher for 2016. Some of his clients choose to pay the fine, because they say it's still less than paying a monthly premium. Dickens also points out that those who qualified for a subsidy but saw an increase in income in the past year, may have to repay some of that subsidy.