Tuesday, April 17th is the filing deadline for New York State personal income taxes. Here are some filing tips individual taxpayers should keep in mind.
Always file. And do so by April 17th, 2012. Avoid penalties and interest for late filing. Taxpayers should file for an extension before the deadline if they can't file a return by the 17th.
Declare all income. All cash income is subject to income taxes whether for full, part time, temporary or supplemental employment.
1099's. Generally, if business operators pay a worker, who is not treated as an employee, $600 or more for a trade or business, a 1099 should be issued. Conversely, a worker who is not an employee and is paid $600 or more for services performed in a trade or for a business, should have received a 1099. However, all income should be declared even without a 1099.
E-file. Electronic filing - and paying - is fast, easy, and secure. So far this year, approximately 90% of returns have been e-filed. Self filers electronically sign by checking a box. Taxpayers who use tax preparers must sign an e-file signature authorization allowing the preparer to e-file.
Direct deposit. Nearly eighty percent of all refunds have been direct deposited so far this year. Direct deposit is faster and safer than a paper check through the mail. It's your best option.
Debit card refunds. Refund debit cards can be used like any debit card. Taxpayers - even those without bank accounts - can take it to a bank and withdraw the entire amount for free (first in-person transaction is free).
Sign returns. For paper returns, signatures are required. For joint returns, both signatures must be included.
Other forms. Be sure to include all required schedules and credit forms and follow all instructions.
Next year. New legislation has lowered personal income tax rates for millions of state taxpayers. Find the new rates at the Tax Department's Web site.
Questions? Visit us on-line at www.tax.ny.gov. Twenty three million total website views so far this year alone.