The Common Law

I've always thought that the deadline to file my tax return is April 15, but my friend said this year's tax deadline is April 18. Which is it?

April 18. Taxpayers will have until Monday, April 18, to file their 2010 tax returns and pay any tax due. This is because Emancipation Day, a holiday observed in the District of Columbia, falls on Friday, April 15. By law, District of Columbia holidays impact tax deadlines in the same way that federal holidays do, which means that all taxpayers will have three extra days to procrastinate before filing returns this year. Taxpayers requesting an extension will have until Oct. 17 to file their 2010 tax returns.

I changed jobs and apartments a few times this year. Long story short, my tax paperwork is a mess, and I'd like to get more time to get everything together. I have heard about tax extensions – how do they work?

Someone interested in an extension may consider submitting Form 4868 (called the Application for Automatic Extension of Time To File U.S. Individual Income Tax Return). By submitting Form 4868, the person may be able to obtain an automatic six-month extension. The extension is generally four months for someone considered to be "out of the country."

It is important to know that obtaining an extension of time to file a tax return does not extend your time to pay taxes. Someone who requests the extension must still make an accurate estimate of their taxes for 2010 and send any necessary payment with Form 4868. Someone who cannot pay the full amount due with Form 4868 may still get the extension, although they will owe interest on the amount of unpaid taxes. Form 4868 must be filed before this year's filing deadline (April 18). Once Form 4868 is filed, the completed tax return can be filed any time during the extension period.

Keep in mind that whether an extension is advisable is an individual decision that is unique to each person. While it's good to know that the extension option exists, you should talk with an attorney or accountant or otherwise do more research to determine how the extension may affect your situation. Anyone interested in learning more about obtaining an extension to file your tax return along with payment options should go to www.irs.gov.