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File an Extension for 2006 Income Tax Return   The IRS will give taxpayers an automatic extension for filing taxes if the April 15th tax filing deadline can not be met. The automatic extension for filing taxes is 6 months. Because the tax filing deadline is coming up on the calendar April 15, 2007, the IRS announced this week that they will grant taxpayers the automatic extension and offered the following tax tips for filing an extension.   Taxpayers must file the IRS Form 4868, which is called the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return by the tax filing deadline, April 15, 2007. Taxpayers who need to file an extension can also make an extension related electronic payment to the IRS.   Taxpayers who file the automatic tax filing extension will get additional time to file their tax return, however filing the automatic tax filing extension does not give taxpayers extra time to pay the tax amount due to the IRS. Taxpayers will need to pay 90 percent of the money they owe to the IRS by the April 15th tax filing deadline or the taxpayers will owe penalty and interest on the tax amount due that was not paid.   The IRS said in their announcement that taxpayers can file an extension using tax preparation software such as TurboTax Online. Taxpayers can also go to a tax preparer and e-file the extension. The IRS reported that they will acknowledge the receipt of extension filings if they e-file them using a tax software program such as TurboTax Online.   Taxpayers who request the tax filing extension by the computer can pay the tax amount due by giving the IRS authority to draft funds electronically from a savings or checking account. In order to have tax payments to the IRS electronically debited from a bank account, taxpayers will need to provide the IRS with their bank account number and the bank routing number. Taxpayers will also need to know the amount of their adjusted gross income on their tax return from the previous tax year. The IRS needs to know the adjusted gross income from the previous tax year so that they can verify the identity of the taxpayer. The IRS assumes that only the taxpayer will know this adjusted gross income amount.

This article was published on Saturday 12 May, 2007.

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