Today is the deadline for filing 2009 individual and partnership tax returns (and providing partners and LLC members with Schedule K-1s). It is also the deadline for paying the first installment of estimated taxes for 2010.

If you are unable to file today, request an automatic six-month filing extension for your personal return on Form 4868. A five-month extension can also be requested for a partnership return using Form 7004. A filing extension is not a red flag to the IRS that will invite an audit. However, if you owe taxes on your 2009 return, an extension won’t give you more time to pay these taxes. When you request a filing extension, pay the tax you estimate that you will owe, if any, to minimize interest and penalties.