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1. You can get an extension to file until October 15 by submitting IRS form 4868. This gives you time to review your documentation and get all your paperwork in order.
2. However: paying on any date after May 17, 2021 - even with an extension - will incur failure-to-pay penalties and possible interest charges on the amount owed. If you owe taxes and wanna avoid paying even more over time, try to pay 90% of your taxes by the filing deadline.
3. Cryptocurrency assets are considered taxable property and incur short- or long-term capital gains taxes depending on how long you've held them. Simply buying and holding crypto is not taxable, but any event where your crypto assets are sold/exchanged (even for other cryptos) is.
4. If you made money selling stocks or cryptos this year, it's subject to capital gains taxes. If you held less than a year before selling (you paper-handed b***h), you'll face short-term cap gains, which have much steeper rates compared to what you'd have for long-term assets held for over a year.
5. On the flipside, capital losses are potentially tax-deductable so be sure to look into that if you lost money investing this year.
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