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Old 04-14-2008, 06:18 PM
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Default Yes, You CAN Get a Tax Extension

The deadline to file your 2007 tax return is now less than 36 hours away. Will you make it in time?

The Internal Revenue Service expects that 10.3 million people will request extensions on their returns — that's up 300,000 from last year.

Everyone is eligible for an extension, which allows taxpayers six more months — until Oct. 15 — to file returns. Requesting an extension won't make it any more likely that you'll be audited later on.

"I think some people feel that if they file an extension, it's going to be a red flag or something," said Tom Ochsenschlager, the vice president of taxation for the American Institute of Certified Public Accountants. "It's not."

The bad news? Like tax returns, extension requests are also due April 15, and filing one doesn't mean you get more time to pay your taxes. It just means you get more time to finish your paperwork.

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