Contact: Geoffrey Gloak, 518-457-7377
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 on time. 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 deadline.
Declare all income - All cash income is subject to income taxes whether for full, part time, temporary or supplemental employment. Generally, workers who are not employees and are paid $600 or more for services performed in a trade or for a business should received 1099 forms. However, all income should be declared even without a 1099.
If you can't pay in full, still file on time - Late-filing penalties are significantly higher than the penalties for late payment. If you file late but don't pay in full, we'll contact you and you can set up a payment plan.
E-file - Electronic filing is fast, easy, and secure. So far this year, more than 90% of returns have been e-filed. There is no penalty for paper filing, but your refund could take longer.
Use direct deposit - It's your best option - it's faster and safer than a paper check. More than 75% of refunds have been direct deposited so far this year. Refund debit cards are also safe and 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 free).
Avoid these common filing errors:
- Incorrect or missing Social Security numbers - social security numbers for all individuals must be listed correctly on your return
- No signature or date on your return - for joint returns, both signatures must be included
- No stamp on your envelope - an unstamped envelope won't be postmarked
And keep a copy of your return for your records - You'll likely need the information in the future.
Lowest middle-class tax rates in 58 years - Governor Cuomo has signed legislation lowering personal income tax rates for all personal income taxpayers. Any taxes you have withheld are already reflecting the lower rates. And, any estimated taxes you pay by the April 17th deadline will be based on the lower rates.
Questions? Visit us on-line at www.tax.ny.gov.