Filing your tax returns on time is important to avoid penalties for tardiness. In most cases, this means you'll have to submit your 1040 forms by April 15, which is usually tax day. If the 15th is on a weekend or a holiday, your forms will be due on the next business day.
Unfortunately, sometimes things come up and it becomes difficult or impossible for you to make the deadline. If you're worried that will happen to you, it's easy to request an extension of the time to file. However, there are some important caveats to be aware of, including the fact that a delay in the filing deadline doesn't allow you to pay your taxes late without incurring a penalty.
Here's what you need to know about how to file a tax extension and what the implications are of doing so.
Source Fool.com