For those of you who filed an extension for your 2006 taxes, the time to get them filed is approaching. Monday, October 15, is the final date to get those individual income tax returns filed.

For many years, the IRS granted a four month extension from the usual April 15 deadline. This made the first extension date on or near August 15. If more time was needed, taxpayers could request a second extension, which extended the date until October 15.

However, for tax year 2005, the IRS eliminated the four month extension altogether. The extention is now for six months, landing on or near October 15. This year, it is Monday, October 15.

The form to request an extension is the 4868, and must have been filed by April 15 in order to qualify. If a tax balance was owed, it must have been paid by April 15 - the extension is only an extention of time to file the tax return, not an extension to pay what is owed. If the taxpayer does not know what is owed, an good estimate must be made and paid. Penalties are assessed on amounts due as of April 15, and are not deductible, even for businesses.

The most common tax deadlines for 1040 filers are April 15, then October 15. Tax returns are always due on these dates, unless they land on a weekend or federal holiday. Then the deadline is the next business day.

Remember that your state may have different rules governing extensions. Consult with a tax professional to make sure that you file your state return, or an appropriate extension, in a timely manner.

If you would like more information on federal extension requests and deadlines, visit the IRS website:

About the Author: Jennifer A. Thieme is a Registered Tax Preparer and a Certified QuickBooks ProAdvisor who enjoys writing about tax and accounting issues. She brings unique insight, clear instructions, and over ten years experience to all of her business articles. Owner of Solid Rock Accounting Services, Jennifer s clients enjoy these same benefits on a personal and regular basis. You can too - visit http://www.jenniferthieme.com and contact Jennifer today.

Related post

What You Need to Know About Online Tax Filing
What You Need to Know About Online Tax FilingBy Robert Shaw Filing your taxes is easier than ever with eFile, the online tax filing service pro...