ROCHESTER, N.Y. — For the first time in two years, the deadline to your file taxes is in April.
Taxpayers have until April 18 to get all their forms filled out.
Accountant Jim Schnell understands how confusing tax season can be.
With the deadline to file taxes back to normal this year, he says if you haven’t filed yet, an extension could help.
“We tell people it’s in your best interest to file an extension,” Schnell said. “Because of all the new things going on in your life. And we don’t want to miss anything.”
Anyone is eligible for a state or federal tax extension.
To apply you can file an extension form that’s available on the IRS website or ask your accountant to help.
But Schnell says there’s one key thing to keep in mind.
“An extension of time to file isn’t an extension of time to pay,” Schnell said. “You are required in good faith to fully pay in what you owe.”
Michael Hess is one of Schnell’s clients. He runs a waste management company and frequently files for a tax extension.
“I end up having to wait for K-1s from investments I have that forces me to delay my taxes,” said Hess. "But the code allows that."
If you’re still waiting on forms or are managing a lot of investments like cryptocurrency, this might be your best option.