If you don’t think you are going to be able to get your tax stuff together by April 15 (either to get to your preparer or to prepare yourself), don’t lose heart! You can still get an extension to file your taxes that gives you an additional six months until October 15 to get things organized. That should give you plenty of time to file

One important point to remember. An extension to file is not an extension to pay the taxes, so if you think you will owe taxes, remember that you will be penalized 1/2 percent a month (or part of a month) in late payment penalties plus interest until you pay what you owe. That is bad, but if you don’t file an extension, you also face late filing penalties of 5% a month (maximum 25%) plus interest as well as the late payment penalties. So when you file that extension, estimate what you will owe and pay it with the extension form 4868 – make sure it is mailed (and postmarked) by April 15 or things could get expensive!

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