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Post offices around the country are gearing up for an onslaught of activity on Wednesday -- the final day for filing your 2008 income tax return. For some, the last minute mailing is a deliberate decision to run out the clock.

"They don't require the money until April 15th and I'm not paying them the money until they absolutely require it," said one New Yorker.

For others, it's simply a matter of finding the time to sit down and do it.

"We get there eventually," said another New Yorker.

James Grimaldi, a certified public accountant with Citrin Cooperman & Company, says while procrastination is nothing new, this year it seems even more prevalent.

"Because no one wanted to deal with any financial statements or bank accounts or brokerage accounts, so everyone waited until the last minute," said Grimaldi.

While you can push the envelope as late as you feel comfortable, Grimaldi says you really shouldn't miss the deadline. But what if you just aren't ready or don't have the money to pay what you owe? In that case, you can forego your 1040 for a Form 4868 -- an application that gives you an automatic six month extension. But keep in mind, it's an extension for filing your taxes, not for paying them, meaning you still have to give Uncle Sam his share.

"You need to know what your liability is going to be for 2008, what you paid in, you take the difference and you put that down on the form and you pay that when you file the form," said Grimaldi.

If you don't, not only will you have to pay interest on the money you owe, you'll also be charged a late payment fee of half a percent per month until the debt is cleared. If you don't file for an extension, a late filing fee of another five percent each month will be tacked on. While Grimaldi says the IRS is being kinder and gentler this year because of the economy, their understanding has limits.

"If for whatever reason you don't have the money or are in financial hardship, the penalties can be abated, but ultimately if you owe that tax, you have to pay that tax," said Grimaldi.

Even if you pay it in installments, which is possible, provided you file yet another form detailing the amount you plan to pay per month.

According the IRS, there is a $105 setup fee or roughly half that if you opt for automatic payments from your bank account.

"If you have to owe money to anyone, don't owe it to the IRS because you don't want them to be your creditor," said Grimaldi.

Regardless of whether you're filing for an extension or filing your taxes online or at the post office, the absolute deadline is midnight on April 15th.