Quick Tax Question

Hey guys, I thought someone here might be able to answer this quick question. I filed for an extension on my taxes back in April. I think I read that you have up to 6 months (1% penalty each month) to file the taxes. I also thought somewhere else I read that the taxes have to be done by June 1st.

Anyone know one way or the other?
I have this big cross country motorcycle trip coming up this weekend (my first ever!) and I'd really rather wait until I get back to deal with the taxes.

thanks!

6 month extension - IRS Page

Taxpayers unable to complete their tax returns by April 15 must file Form 4868, Application for Automatic Extension, with the IRS (available at www.irs.gov). ItÔÇÖs important to note that when a person files for an extension, he or she is asking for more time to finish paperwork, not more time to pay any money that is due. Whether youÔÇÖre subject to a penalty depends on the amount of taxes owed after April 15th. Here are the basics:

Interest: Anyone who has a balance due to the IRS after April 15th will be charged interest by the IRS. According to the IRS' website, the current interest rate is 7%, which is a lot less than the rate charged by most credit card companies.

Failure to Pay Penalty: If you file for an extension, and you owe more than 10% of your final tax liability, expect to get hit with a "failure to pay" penalty that runs at 0.5% per month. ThatÔÇÖs in addition to any interest youÔÇÖll owe on the balance due.

Failure to File Penalty: If you don't file an extension request by April 15th, the "failure to file" penalty runs at 5% per month, up to a maximum of 25% of the taxes owed. This penalty is equal to $50 per month on every $1,000 of taxes owed.

Extention does not extend to establishing or contributing to IRAs or ESAs

(non-professional information - consult your tax preparer )

excellent! thanks!! my week has been getting better and better!!