Tax Tips for Procrastinators

The easiest way to file your extension is to do it through your tax preparation program of choice.

Or you can go to irs.gov and download the form. Print it out, fill it out and mail it in. Just be sure to send it certified mail so you get confirmation that the IRS received it.

If you have a tax balance due, and you don't want to mail a check in, you can authorize an electronic funds withdrawal from your checking or savings account right over the phone. If you choose to do this, make sure you have your adjusted gross income from last year's tax return for verification.

Still Need the Money, Honey

If you don't pay your bill by April 17, a 0.5% per month penalty will be imposed for paying late.

But if you don't have the cash to pay your tax bill, don't panic. Send your return or extension in anyway and pay as much as you can. Remember, there's a 5%-per-month penalty for filing your return late, but only a 0.5%-per-month penalty for not paying the bill on time.

Then consider your options:

The IRS will let you charge your tax bill through www.officialpayments.com and Link2Gov Corp., using your American Express, MasterCard, Visa or Discover Card. The companies charge a small processing fee (no IRS fee though), but at least you'll rack up your airline miles. Just make sure the miles outweigh the fees and corresponding interest your credit card will charge if you don't pay your bill on time.

If you don't want to charge your bill, the IRS will let you go on a payment plan. Uncle Sam will pretty much let you decide on your monthly payment amount, so think it through because once you pick a number, it must be maintained over the life of the agreement.

Fill out Form 9465 -- Installment Agreement Request or create your own written request. Be sure to specify the amount you can pay and the day you wish to make your payment each month. Whichever you choose, attach it to the front of your tax return.

Other tips:

• Sign your return.
• If you are writing a check, make it out to the United States Treasury, not the IRS. Scammers in the past have intercepted tax checks and changed the "I" to an "M." then the check could be made out to "MRS. Anyone" and she gets the money instead of Uncle Sam.
• Make your traditional IRA or Roth contribution -- or open a new IRA account -- before midnight April 17.

So to all the procrastinators out there, good luck getting your return or extension down this weekend. I'll be struggling right along with you.

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