Today is September 15th. If you have a tax extension to file your 2010 1040, your time is almost up. You only have until October 17th to file! If you have not already begun to gather your information to take to your tax professional, now is the time to do so.
Many people have the misunderstanding that an extension of time to file, is an extension of time to pay. Wrong. If you are going to owe, and you file an extension, you may be charged interest on the unpaid tax and you may also face late penalties.