Income tax extension

We received this announcement from TaxACT and thought everyone should know about it:

Despite their best efforts, some taxpayers have no choice but to file for an extension. It's likely that more taxpayers will request a 6-month extension* this year. In fact, the IRS expects 10 million extensions during the last week before April 15.

Instead of paying upwards of $19.95 to file Form 4868, everyone can estimate their taxes and print or e-file a federal extension free with TaxACT Free Federal Edition at www.taxact.com. Those who owe Uncle Sam can also pay all or part of their tax liability with electronic funds withdrawal or a major credit card in TaxACT.

Important reminders about filing an extension:

1. Form 4868 must be postmarked or e-filed by midnight on April 15.
2. Those who e-file an extension will receive e-mail confirmation of receipt from the IRS.
3. Form 4868 only extends the federal filing date by 6 months; it does NOT extend time to pay taxes owed. If you owe, pay as much as you can by April 15 to avoid penalties and interest.
4. A federal extension does not extend your state deadline. Guidelines for filing state extensions vary from state to state.
5. A federal return can be filed any time before or on October 15.

To quickly e-file or print an extension in TaxACT, follow these simple directions.

*U.S. citizens who are out of the country on April 15 are allowed two extra months to file a tax return and pay any amount due without an extension.