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With the federal government looking like it is about to default on its obligation to pay the nation’s debts, it seemed like a good time to remind everyone that it is possible to delay your annual obligation to file your income tax paperwork by submitting an income tax extension form, even though the federal government expects you to pay your taxes on time, unlike the government itself.

According to the IRS, you are able to postpone the date that your form 1040EZ, 1040A, or 1040 is due from April 18, 2011 to October 17, 2011 by filing form 4868.  An even easier way to delay the due date is to use tax preparation software to file for an IRS extension, since it will, e-file your federal extension form, make a payment of tax due, print a PDF copy of the extension you e-filed, allow you to see when your extension has been accepted by the IRS,  and access the forms you need to file a state extension by mail if necessary.

If you do need to delay your income tax filing and you owe taxes, be sure to pay a reasonable estimate of your taxes owed, or you can face stiff penalties.

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