Tips for Tardy Taxpayers

“It's a good thing we don't get as much government as we pay for.”

—Will Rogers

The deadline for filing your 1040 is less than a week away and you’re not anywhere near ready to sit down and figure it all out. Don’t panic; just file a request for an extension (IRS Form 4868). That gives you until October 15 to get your act together and file your 2007 tax return. The IRS reminds you, however, that the extension to file is not an extension to pay. You should estimate your tax bill and submit payment along with your request for an extension. You should also be aware that the October 15 date is the latest you can file and still get your economic stimulus rebate.

For some taxpayers, the extension of time to file is automatic and they do not have to ask for it. They can also delay payment until they actually file. Those eligible include military personnel serving in a combat zone, who have until 180 days after they leave the combat zone to file and pay. Residents in parts of Illinois, Georgia, Missouri, and Arkansas, which have recently been ravaged by floods and tornadoes, are also eligible for automatic extensions. The dates vary for these locales; for specifics, visit the IRS web site.

10.2 million—Number of income tax filers who will get a tax extension this year.(IRS, 2008)