It’s tax season! Have you paid your taxes yet? If you haven’t, there’s a little good news: the deadline this year is pushed back until Tuesday the 18^th of April, a little later than usual. What does this mean for taxpayers? Just a little more time to avoid the penalties and fees associated with late payment and double check their paperwork to make sure that they have included all of the appropriate deductions and other information.

Some, including Republican candidate Mitt Romney, will file for extensions in last minute efforts to get their tax season paperwork in line. For high-earners like Romney, fees for incorrect information and withholding information are higher and filing can be an even more delicate process.

For the rest of us, the most important element of our taxes is often getting all of our deductions on paper. Deductions limit the amount you are obligated to pay and for some taxpayers, reverse the tax-paying process. Students and others can add deductions to other tax incentives and often end up with net earnings from their taxes rather than ending up in the red by the end of April.

What’s the biggest mistake you can make? Experts say rushing through your taxes and missing opportunities to save can hurt you. Treating yourself as an average taxpayer may be quick, but it may not always be entirely true, and you’re the one who ends up paying for it if you’re a lower or middle class earner.

Write offs for home improvements, education related expenses, savings and retirement deposits and charitable donations are among the many deductions you can claim on your taxes. A professional tax review service or at home software program can help by prompting you to remember specific write offs you may have forgotten, but ultimately it’s up to you to document and report these deductions. Don’t miss any or you’ll pay more than you are required to.

Every five years the IRS releases data about the tax gap—the amount of unpaid taxes from a given year. The last set of data was released in 2001, and although the total amounts are different the causes of the gap are similar this year. About 85% of unpaid taxes are due to underreporting of income by individuals filing their taxes. 10% of taxpayers failed to pay the total amount they owed. Only 5-6% of Americans failed to file.

The tax gap number is calculated after audits have occurred to collect as much of the missing tax money as possible. What isn’t collected is the official five-year tax gap. This year’s figure is $385 billion, about 15% of the total tax revenue in the year of 2006.

Those who underreport their income may make a number of errors on their tax forms, either intentionally or by mistake. Some over-report their exemptions or expenses. Expenses without receipts included may not be accepted or deductions may be over represented.

There are over 140 million tax returns filed every year, but the IRS only employs about 22,184 employees responsible for enforcing tax law and following up on missing payments. To confound the problem of under-enforcement, tax laws have been changing rapidly in the last few years, making it difficult to enforce current laws before they change.

Last year the IRS audited 1.6 million individual tax returns, a group which included one out every eight millionaires in the country. Also audited were 62,000 corporate returns.

Although these numbers seem high, voluntary tax payment among Americans is higher than most nations and the number of Americans failing to pay what they owe has remained relatively stable—making it more manageable and giving lawmakers a clearer picture of the problem and how it can be solved in the future.

Paying your taxes can be time consuming

Many taxpayers wait until the last minute on doing their taxes, but getting a head start can mean a larger tax return and less stress. Is it ever too early to start gearing up for tax season?

Whether you do your own taxes or pay someone else to do them for your, there’s a lot to be said for being an initiative taker and getting a leg up on tax season. CPAs often hike rates up during tax season because the demand for professional help is so high. Even if you do your own taxes or use a program like turbo tax, starting early can save you money in the long run.

Think about the thing that actually translates into tax returns after you file: deductions. Experts say that most taxpayers don’t make full advantage of their potential deductions because they forget or lose the proper documentation by the time tax season rolls around. Deductions are something you can prepare for all year long, by keeping receipts for educational purchases and charitable donations. Even small transactions like donating old clothes to Goodwill can add up to mean a larger return.

Taxpayers should also look into what is deductible. Some people are eligible for more sweeping deductions—like laptops and travel expenses that are directly related to a college education—and might miss these opportunities for a tax break if they fail to note their situation on their forms or lose track of their overall costs.

Starting early can save taxpayers from careless mistakes and oversights and can get them their tax return check sooner. If you file before the deadline, you’ll be able to cash significantly sooner than your neighbors and start earning interest it in your savings account or enjoy that big splurge just a little sooner.

Additionally, starting now can save you on fines for paying too late… something that can happen to anyone who waits until the last minute and then realizes they’re missing documentation or information. The time to note a missing paycheck stub or receipt is now—not at the last minute.