How do you file a tax extension?

In order to file a federal tax return extension with the United States Internal Revenue Service (IRS), individuals need to fill out the IRS's form 4868. This form, which must be submitted by April 15th, will grant taxpayers an extra 6 months to prepare their annual income tax return.

Though the time extension form will buy taxpayers some extra time to get their paperwork in order, the extension applies only to paperwork. That means that those individuals with an outstanding tax liability will still have to pay the IRS the full amount of what they owe by the standard April 15 deadline unless other arrangements are made.