| For those of you who filed an extension for your 2006 | | | | April 15 - the extension is only an extention of time to |
| taxes, the time to get them filed is approaching. | | | | file the tax return, not an extension to pay what is |
| Monday, October 15, is the final date to get those | | | | owed. If the taxpayer does not know what is owed, |
| individual income tax returns filed. | | | | an good estimate must be made and paid. Penalties |
| For many years, the IRS granted a four month | | | | are assessed on amounts due as of April 15, and are |
| extension from the usual April 15 deadline. This made | | | | not deductible, even for businesses. |
| the first extension date on or near August 15. If more | | | | The most common tax deadlines for 1040 filers are |
| time was needed, taxpayers could request a second | | | | April 15, then October 15. Tax returns are always due |
| extension, which extended the date until October 15. | | | | on these dates, unless they land on a weekend or |
| However, for tax year 2005, the IRS eliminated the | | | | federal holiday. Then the deadline is the next business |
| four month extension altogether. The extention is now | | | | day. |
| for six months, landing on or near October 15. This | | | | Remember that your state may have different rules |
| year, it is Monday, October 15. | | | | governing extensions. Consult with a tax professional |
| The form to request an extension is the 4868, and | | | | to make sure that you file your state return, or an |
| must have been filed by April 15 in order to qualify. If a | | | | appropriate extension, in a timely manner. |
| tax balance was owed, it must have been paid by | | | | |