15-04-2025
Local accountant advises filing tax extension to prevent late penalties
Tax season is coming to an end with the tax return deadline hitting Tuesday, April 15 at 11:59 p.m.
The season and deadline can cause a lot of stress for every taxpayer. A local certified public accountant says this time of year is hard for him to help people coming in so close to the deadline, but he can help them file an extension.
'They get six months and it's automatic. There are no questions asked. Doesn't have any implications. There's no additional risks. You just avoid having a penalty for failure to file your return on time,' says Rob Schaeffer of Schaeffer CPA.
For nearly 20 years, Rob Schaffer has run his accounting firm. He says his workload skyrockets this time of year.
'I generally work about 12-hour days for about three weeks in a row.'
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The penalty for not filing on time is 5% of the tax due for each month the return is late.
'If you owe money, filing the extension only takes care of one penalty; it doesn't take care of all of them,' says Schaeffer.
Schaffer says firms like his can help you file an extension. Then, when the chaos of tax season dies down, he can help with the tax return.
'I always recommend that people find a professional to do things, unless things are real simple for them,' Schaffer says. 'And by real simple, I mean they've just got a W-2 and don't have the complications even of children.'
Schaffer says he sees a wide variety of tax situations, and one speed bump many clients hit involves their social security.
'People don't understand the impact of Social Security being taxable. So, if you have a good year and you make good money, more of your Social Security becomes taxable,' says Schaeffer.
If you need to file an extension for your taxes, you can do that here.
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