The Tax Man Cometh

I enjoy most of the monthly holidays like Christmas, Easter, my birthday, V-day, the 4th of July and Thanksgiving. However, there's one holiday in particular most of us dread and don't really celebrate often: April 15th or "Tax Due Date".

This year I did something I've never done before with regards to filing my taxes, I filed an extension. The reasons are due to my recent move, some tax documents I needed were misplaced. So now with the due date 2 days away, I am extending so I can get those documents in and do my taxes soon after. The drawbacks are there could be a late fee, and month to month interest is charged until you file your Federal return.

To file an extension, you'll need to know your Adjusted Gross Income (AGI) from 2006, your estimated tax owed this year, and your federal tax payments made. You may also need to file an extension for your state taxes. Make sure to refer to your state's gov site for more info, as each state differs in its rules. For my state, there was no need to file the state extension if you don't expect to owe state taxes AND you filed the federal extension.

Once you've filled out the e-file extension form you'll most likely be asked to pay some money towards your federal tax owed (payment must be over $1). You also may be charged a fee, which in my case was $3.95, payable by bank account or CC. And now I wait to make sure the extension goes through!

If you need to file an extension of your own, check out www.irs.gov where they list out several free e-file sites which include Form 4868, the form for a federal extension. I'll keep you updated on any progress or issues that arise with this...

Hopefully you all are done filing b now and getting some moolah back...Good luck with the process!