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QUINCY, ILL. -- This year eight million people will have to pay taxes to the government.

It's important to be prepared for that because if you don't have the cash, you could be out even more money.

I spoke with a Financial Specialist about the right way and the wrong way to pay the IRS for this KHQA Safe Family report. 

Most people who file their taxes later in the spring know they owe money to the government. That's why they wait they so long. This year the tax deadline is Monday April 18th, and Brad Essington, a Financial Specialist with Clearpoint Credit Counseling Solutions says the best thing to do is pay the money all at once, and do so on or before the tax deadline day.

Essington says, "If they are not able to get things taken care of and filed by the 18th of April, they can file an extension to pay up to 120 days and can re-file the extension up to six months."

However, if you do that, get ready to pay interest. The IRS will charge interest beginning April 18th and that interest accrues everyday until that debt is settled.

Essington says, "The IRS can charge a taxation interest. In the past it's averaged four to nine percent that can be charged to you, plus a taxation penalty up to 25 percent of what you owe."

If you can't afford to pay all at once, there are options, but everyone of them will cost you extra money. Using a credit card will cost you a two to three percent transaction fee. You can set up a payment plan with the IRS, but that will cost you $43.00. Brad Essington reminds everyone to stay away from cash advance and debt settlement companies because they will charge a lot of interest. The bottom line is if you pay nothing, the government will get its money.

Essington says, "They can impose liens on assets. They can assign wage assignments. That's the last thing you want is that money coming out of your check."

Essington says it's not a bad idea to start preparing for next year. You may not have enough deductions being taken out of your paycheck. Ask your tax preparer and get with your employer to fix the problem. That way next year, you may not have to pay, and may get some money back.

One more piece of advice that will help you next year, file as soon as you can.

Even if you owe, it doesn't have to be postmarked until the tax deadline day.

So if you file in early February, you have a couple of months to scrounge up the money.