how do i go about filing a federal or state income tax extension on line or is it even possible?

Answer 1

See http://www.irs.gov/pub/irs-pdf/f4868.pdf?portlet=3 for info on filing for an extension for federal. For many states, if you get a federal extension, the state accepts that also, but check your state's website since not all of them do.

Answer 2

You need a special form to file an extension. For the fed, it's called a 4868, I think.