by Moe Zilla

Created on: March 09, 2010

In January of 2010, the IRS created a video on YouTube with the best advice for first-time tax filers. It reminded them of a new service called "Free File" available online, which will prepare your taxes for you and even submit them online! "The great thing about free file is it'll do the math for you. It'll help you avoid errors. and it'll find the credits and deducations you're eligible for," the IRS explains on their web site. "And if you use direct deposit, you can get your refund in as few as 10 days."

More than two-thirds of Americans already file electronically, notes the IRS, possibly because online filers are guaranteed an electronic confirmation that their tax return was received. And this free online software is provided by 20 top tax preparers, including H&R Block and TurboTax. The IRS is determined to remind first-time filers of the advantages of using the free file system, nothing that it's "available 24 hours a day, 7 days a week, and you never need an appointment." The slogan?  "It's your money. Get it faster."

"It's fast, it's safe, and it's free."

But however you prepare your tax return, here's some little-known tips that can make it much easier.

* It's easy to file for an extension

If you want more time to prepare your taxes, just file out form 4868 - a half-sheet of paper with just nine simple questions.  (The first three are address, social security number, and your best estimates of how much you owe, and there's also checkboxes to indicate whether you're currently out of the country or if you didn't receive any wages during the year.) This grants an automatic six-month extension past the April 15th filing deadline. So don't sweat it.

* You can also get an extension just by paying $1.

You're also eligible for a six-month extension automatically if you've paid even a part of your tax bill - and it can be as little as $1. It's another method for receiving an extension that's described in the instructions for form 4868.  You can make the payment with your credit card (or debit card) over the web or using the phone, as long as your payment is above the IRS's minimum amount... of $1.00.

* There's penalties for filing late - or for paying late.

If you file your return late - without getting an extension - there's a whopping 5 percent penalty that's assessed every month, up to 25% of the total amount due. But even if you've applied for an extension, that's only an extension for the filing deadline. Any tax bill you have is due on April

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