Filing an Extension Form 4868

Use Form 4868 only if you owe taxes.  Refunds are not subject to late penalties so you can actually file them throughout the year.

All tax money is due on April 15th if not you are subject to penalties (as of 2014 %5 of total tax liability per month up to %25) and interest.  When filing for an extension include the total payment if possible or even a partial payment to minimize the penalties and interest.

The most difficult part of the form is Line 4.  This is an estimate of the total taxes you owe the government.

If your tax situation is similar to the previous year you can reference your previous 1040 for estimate information.  For Line 4  of Form 4868 use Line 63 Total Taxes found in the Other Taxes section of your previous year 1040.  Line 5 on Form 4868 would then be Line 74 Total Payments found in the total payments section of the previous year 1040.

For self-employed, I've attached a video with a basic spreadsheet to help you calculate Line 4 estimate of total tax liability.  When watching this video remember personal exemption and standard deduction amounts change year-to-year.