Time Is on Your Side

The IRS will grant an automatic extension of six months with no questions asked,if you make a valid request before the tax return due date. The extended filing deadline for 2011 returns is October 15, 2012.

Be aware that you still must provide an estimate of your tax liability based on the available information. Also, you are generally required to pay at least 90% of your tax liability through income tax withholding or estimated tax payments by the original tax return due date. Otherwise, a late payment penalty will be assessed.