Are you ready for Tax Day? Here's some quick tips

So far, about 4.3 million Illinois residents have filed returns. Another 1.4 million returns and 300,000 extension requests are expected by Wednesday, the deadline for filing state and federal returns, said IRS spokeswoman Sue Hales in Chicago.

This year, e-filing by an individual using their own computer and tax preparation software is up more than 20 percent over last year, she said.

But if you're not yet among those statistics, here are some last-minute tips:

• File electronically, even if you owe: No need to hold onto your return because you owe money. File electronically through a tax preparer or your personal computer by using an IRS Free File program or other available software.

• File for an extension: Request an additional six months, until Oct. 15, to file. Use Form 4868, called Application of Automatic Extension of Time to File US Individual Income Tax Return. It can be mailed or e-filed but has to be done by Wednesday.

• Want to file, but cannot pay: You should still file on time to avoid a late-filing penalty. The late-filing penalty at 5 percent per month is 10 times greater than the late payment penalty. Request to pay the remaining balance in monthly installments by submitting Form 9465 Installment Agreement There is a one-time $105 fee for an installment agreement. The fee is $52 when payments are deducted directly from your bank account.

Having trouble since you lost your job or your home mortgage is underwater. The IRS offers these tips:

• Postponement of collections: The IRS could suspend collection actions in certain hardship cases where taxpayers are unable to pay, including those who lost their jobs, rely solely on Social Security or face a devastating illness.

• More flexibility for missed payments: For those who complied previously but are having trouble meeting payments this time, the IRS may allow a skipped payment or a reduced monthly payment amount without automatically suspending your installment agreement.

• Settlement option: An Offer in Compromise agreement, between a taxpayer and the IRS, settles the taxpayer's tax debt for less than the full amount owed, if you're having economic difficulties. However, the equity you have in real property can be a barrier to an OIC being accepted. With the uncertainty in the housing market, the IRS recognizes that the real-estate valuations used to assess ability to pay may not be accurate. So in instances where the accuracy of local real-estate valuations is in question or other unusual hardships exist, the IRS is creating a new second review of the information to determine if accepting an offer is appropriate.

• Where to get help or forms: Go to www.irs.gov for forms and publications and information. Some local libraries and post offices have some, too. Call 800-829-4477 for tax topics. Call the IRS at 800-829-1040 for other help.