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by: RichChappo
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April 15th. Is there a day that makes American groan more? Yep, it is the annual tax filing deadline. Oh, the fun. If you have been procrastinating on your return, here is what you need to know.

The good news is you have a few extra days to file in 2007. The tax code is based on business days. Any deadline that falls on a weekend is automatically bumped to the following Monday. That is the case this year, so you have to the 17th to file.

Last minute filers tend to fall into two categories. They either knuckle down and get it over with or throw up their hands and file an extension for more time. Form 4868 is the filing you need to make if you want to extend.

To the surprise of many, the IRS has a pretty lax attitude towards April 15th. It gives extensions without a problem. In fact, just filing form 4868 will get you an automatic extension until October to get your return in.

Taxpayers often misunderstand tax filing extensions. The extension only applies to the actual filing of the tax return. Unfortunately, it does not require to the payment of money. The IRS wants its cash now, so you need to pay something if you think you will owe.

One of the truly wonderful things about tax time is a catch-22 that can occur. You go ahead and get your return prepared and ready to be filed. Unfortunately, you realize you owe more than you can pay. Now what?

The first option is not to file. Instead, you can wait till you have the money to pay Uncle Sam. This is generally not a good idea since you will accrue penalties and interest on the entire amount due.

Not filing a tax return sends up red flags at the IRS. To avoid this, you should file regardless of whether you can cover the amount due. Send in your return as well as the amount you can pay. The IRS will then set you up on a payment plan.

The advantage of this second approach is you save money. Since you have sent in at least some money, the amount you will receive penalties and interest on is less. This, of course, means you pay less ultimately.

Assuming you are ready to file and have the money, how do you go about actually making payment? Most just send in a check made out to the United States Treasury. The IRS now also allows credit card payments. Visit the agency online to find an approved vendor.

Tax refunds are beautiful things. Of course, you never know if you are due one until you figure out your return. If you are, you can apply it to next year's taxes or get it back. To check on the status of your refund check, visit the IRS site to get a real time report.

Much like taking the trash out, taxes are just something you have to deal with. The deadline is almost upon us. Whatever you do, make sure you do something.

About the Author

Find tax lawyers to fight the IRS at BusinessTaxRecovery.com.

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