The tax filing deadline for most of us is today, April 15.
"This whole week has been a zoo," said Esther Gulyas, President and CEO of EG Tax. "We are booked all day, every half hour through 9:30pm tonight."
If people can't get their paperwork in, they have to file for an extension, form 4868 and an IT-370 with the State of New York. You have to include the taxes that you owe, if you want to avoid the penalty for failure to pay. The money is due today, and the paperwork is not due until October 15.
New laws eliminating taxes on tips and overtime, exemptions for interest on certain car loans, and new deductions for seniors mark some of the biggest changes.
"On tips alone, you don't have to claim the income, up to $25 thousand dollars. It's unbelievable," Gulyas said.
"I thought a lot of people would be deducting interest on their car loans.But I found out many people in Buffalo lease their cars. If you buy a car that is assembled in the U.S. and you have a car loan, the interest is deductible."
Moving forward Gulyas highlighted tax law changes for 2026.
"First of all, the energy credit is gone. A lot of people tell me that they're going to get new doors and windows this year. I tell them, good, but it's not going to be deductible. When it comes to charities, the federal government is going to take away one half of one percent of the money that you give to charity. And for gamblers, you used to be able to take dollar for dollar if you won ten thousand dollars and you lost ten thousand dollars. Now they're saying if you win ten thousand and you lose ten thousand, you can only deduct nine thousand."
One more thing from Gulyas. If you are filing for an extension. and you're not doing it electronically, it must be postmarked by today(April 15); not just dropped in a mailbox.
What to know about an extension
What to know about an extension
