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As the 2011 tax filing deadlines approach, taxpayers everywhere are extremely busy putting off their tax return preparation. If that sounds like you, or if you have a particularly hairy tax return, the IRS will allow you to apply for an extension of up to six months.
It is important to note, however, that this extension allows you extra time to file your income taxes, not to pay them. The IRS still expects you to pay your taxes on time.
If you do need the extra time for tax return preparation, however, the application process is an easy one, which you can do at TaxSlayer.com. You will need to file Form 4868. Find it by logging into your account and clicking the link to either start a new tax return or to access your return for the current year. At the very next page, click Edit Return, which will take you to the Main Menu (after you close the Interview Wizard popup).
From the Main Menu, click Other Forms from the black pull-down menu. Then click Miscellaneous Forms, and then Application for Extension. That will take you to the Form 4868 page.
TaxSlayer will ask you three questions: (1) your tax liability, which is the amount of taxes you owe; (2) your tax payments, which is how much you have paid, such as through withholdings; and (3) the amount of tax payment, or how much you are sending with your application.
When you are finished filling out Form 4868, you may file it electronically just as you would file a tax return. You should get an acknowledgement within 24-48 hours of filing to tell you whether the IRS has accepted or rejected your application for extension.
You can pay your income taxes either by credit card, or by printing out the form and mailing a check to the IRS.