For some, federal taxes are the bane of their existence. With ever-changing rules and the economy still struggling to get back up to par, taxpayers are undoubtedly outraged when they feel someone else isn’t holding up their end of the deal. Hard-working citizens who are shelling out tax dollars often gripe about those who are not contributing their fair share to the taxman. It’s easy to point the finger at the low income sector of society or those wealthy citizens who seem to receive unending tax breaks but things are not always as they appear at first glance.

For the estimated 10 million Americans who requested a tax filing extension with the IRS or their State for the typical April 15th filing deadline, realize that this extension was only good for 6 months or until October 15th, 2009. As you probably know, you had to submit an estimated payment with this extension (if you are self-employed or don’t work for a company) because any filing extension is not an extension to pay but an extension to file. Essentially, an extension would have prevented a taxpayer from incurring any late filing penalties with the State or Internal Revenue Service. For any amount owed though, interest accrued for the amount owed for the last 6 months.