Have you been putting it off, avoiding the task, finding other things to do instead of getting your tax stuff in order? You're not alone. Thousands of Americans have yet to get organized and pay their taxes. So, here's how to file an extension.

The Facts

Anyone can get a 4-month extension. All you need to do is file Form #4868, "Application for Automatic Extension of Time to File U.S. Individual Income Tax Return." Download it at: http://www.irs.gov/. This will then give you until August 15th to file.

Form #4648 is also available from the major companies that have tax software, such as TurboTax and H&R Block. The form is in both their software package and their online programs.

One nice thing we can say about the IRS is they don't require an explanation for why you're tardy -- unlike your elementary school principal.

However, you must mail the extension application so it is postmarked by April 15th at the latest. (That's next Thursday.)

Make a copy of your request and put it in your tax file at home or in your office.

Paying Up

An extension only applies to the paperwork involved. It is not an extension for paying your tax bill.

If you know you owe but are not 100% certain how much, simply base the amount due on last year's return -- unless you came into the lottery or an inheritance or, unfortunately, lost your job.

Even if you underestimate, whatever dollar amount you do send in will reduce the amount of late payment penalties and interest.

Specifically, you will be charged interest and a late penalty on any unpaid amount if you do not pay at least 90% of your tax bill by April 15.

For The Really, Really Slow

If you still cannot get your return done by August 15 you can actually get another extension, but only for an additional 2 months -- until October 15.

To get an extension until October 17, you must file another application -- Form #2688 -- by August 15.

Bottom Line:

If you don't have money in hand to pay what you owe the IRS, file for an extension anyway. It will put off the onerous late-filing penalty. And then read next week's column here on various solutions for those who cannot meet their IRS bill.