The 2009 individual income tax return filing deadline is approaching fast. April 15, 2010 is just around the corner. If you are scrambling to get your tax information together, there is a way to obtain more time for preparing and filing your tax return, but not for paying any tax due.
The IRS automatically grants a six-month extension to anyone who correctly completes Form 4868 and files it by April 15th. Many taxpayers do this every year in order to ensure preparation of an accurate and complete income tax return.
There is no additional risk of an IRS audit for tax returns that have extended filing deadlines. But remember that any income tax due must be paid with the extension application, so a calculation estimating the amount of your taxable income is required. Just remember that any tax owed with your tax return after application of the extension payment may be subject to late payment penalties and interest.