If you're one of the 112 million taxpayers who receive a refund every year rather than owing more, you have a lot more flexibility around the standard April 15 deadline than you might think. Feeling rushed this year? By filling out IRS form 4868, you can buy yourself a no-questions-asked six-month extension on filing your taxes. And you can file the form requesting your extension as late as Apr. 15 without incurring any penalties. The only catch -- and it's significant for some: If you do owe any taxes, then you must still pay those by the 15th.

 

How do you know if you're going to owe taxes this year? If your life is basically the same year to year, then your refund is pretty much on autopilot. But any big changes -- such as a large increase in salary, unexpected commission or year-end bonus, or having a child go from dependent to independent -- could potentially swing you into the loss column. So when in doubt, do the math in advance, or check with a tax pro to see if there's anything you should be worried about.
 

Best Regards,