How to postpone tax time

Real Estate Tax Talk

Good news if you can’t pay all or part of your 2011 taxes on time because you’ve had a poor year: The Internal Revenue Service has announced a major expansion of its "Fresh Start" initiative, which is designed to give relief to taxpayers who can’t pay their taxes due to the bad economy.

The IRS says that qualifying taxpayers can now file an extension of time to pay their 2011 taxes and wait until Oct. 15, 2012, to file their returns and pay the balance due, without having to pay any penalties.