If you have not filed your taxes yet, pick up your pen and your W-4. You still have some options left.

First of all, if you expect to receive a refund, there are no late-filing penalties, according to the Internal Revenue Service’s Web site.

The reason is because penalties are based on money owed and not paid by April 15. Those expecting a refund have up to three years to collect the money.

Now it is time for the bad news.

If you owe money and still have not filed, interest will be added to the money already owed.

Chris Schnider, store manager for Flash Tax, 818 W. Lincoln Highway, said even if you have filed for an extension, the penalties still apply. Schnider added that the amount of the penalties depends on how much is owed.

According to the Web site, the current interest rate is 5 percent a year, which is compounded daily. Also, there is a late-filing penalty of 5 percent a month, up to a maximum of 25 percent of what is owed.

If filed more than 60 days late, then there is a minimum penalty of $100 or the full amount of tax due, whichever is less.

For those who can’t pay the tax owed and filed late, there is an installment plan. It costs $43 to set up, and a late-payment penalty of 0.5 percent is applied to the balance due every month.

Using Form 9465, an installment plan can be set up so that a monthly due date can be arranged and funds can be taken directly from your account.

While on the installment plan you must pay your taxes on time. The Web site warns that there is no limit to how far back the IRS can go to assess your taxes for years you did not file.

Repeatedly failing to file can result in criminal action with fines up to $25,000 and one year in prison for each count.