New York Tax filing 2023: All you need to know

The IRS extended the tax deadline for certain New York counties affected by natural calamities. As part of the extension, storm-hit individuals and companies can complete their tax filing process with the IRS by May 15, 2023, if they require more time to file their federal tax returns. However, if for some reason, you are unable to file your taxes by this deadline, here’s how you can file for an extension in the New York counties with the tax deadline on May 15, 2023.

It is understandable that an unforeseen event resulted in you being unable to pay the taxes you owe within the deadline. In that case, the Internal Revenue Service (IRS) allows you to file for an extension if you aren’t able to pay the owed amount and meet your federal tax obligations.

What is the New York Tax Deadline for 2023?

The original April 18 tax deadline for disaster-hit New Yorkers in five counties, including Erie, Genesee, Niagara, St. Lawrence and Suffolk counties, was extended to May 15, 2023, to provide them more time to file their federal tax return.

Qualifying New Yorkers for the tax relief include individuals, households and businesses in FEMA-designated disaster areas. This designation helps the IRS identify weather-affected taxpayers with an IRS address on record.

Farmers in the affected areas who may usually file their return by March 1 also get an extension until May 15 to file. 

Taxpayers in disaster-hit regions can also contribute to their IRAs and health savings accounts (HSAs) for the 2022 tax year, according to the extended New York tax deadline of May 15, 2023. 

What Reliefs Do You Get Under Extended New York Tax Deadline?

With the updated New York tax deadline, taxpayers can skip any estimated tax payment due on January 17, 2023, and combine it with the tax return when filed on or before May 15. Any individual taxpayer or business with an IRS address of record situated in a disaster-hit area automatically gets a relief to file from the agency. 

The IRS abated any penalties on deposits that are due on or after December 23, 2022, as well as before January 9, 2023, as long as those tax deposits were made by January 9, 2023. If any affected taxpayer gets a notice for late filing or payment penalty from the IRS, they can contact the agency to have the penalty abated.

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How to File Taxes Before the Deadline?

The IRS encourages taxpayers to file their tax returns timely before the specified deadline. If you can’t pay the entire amount of taxes you owe, don’t stress. While you must submit your return on time, you can pay as much as possible with your tax return. 

Remember, the more you pay by the New York tax deadline, the less interest and penalty charges you will owe.

Taxpayers who can’t meet the filing deadline can request an extension to file for free through IRS portals. However, it is vital to remember that an extension of time to file will not extend the time to pay. You must still pay the due amount by the updated deadline. 

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What to do if You Can’t File by the Tax Deadline

Some taxpayers affected by the adverse conditions of the December 2022 storm in their counties may require additional time to file beyond the May 15 deadline. If so, the IRS requests them to seek additional time, particularly before the deadline. They are advised to file electronically with two free and easy ways – IRS Free File or IRS Direct Pay.

Regardless of your income, individual taxpayers can request an automatic tax extension with the help of IRS Free File. With this method, you may get until October 15 to file a return. You are advised to estimate your tax liability and pay any amount due to get an extension.

Another way you can get an extension: Pay the entire amount or part of your estimated income tax due electronically, stating that the payment is for an extension. 

You can make a same-day payment using online account services or schedule it using Direct Pay through a debit/credit card and Electronic Federal Tax Payment System (EFTPS).

Meanwhile, the IRS provides several options to complete your tax obligation if you can’t pay the full amount. 

The IRS, in certain cases, provides some relief to pay your taxes with an extension. For instance, you get a short-term extension to pay (paid in 120 days or less) your taxes. In some cases, the agency also waives penalties, although it may not be possible on interest charges which accrue on unpaid tax bills.

A taxpayer will not be penalized by the IRS for failure to file if there’s a return due from the IRS. However, you can risk losing a refund if you file your tax return or claim a refund after the expiry of the statute of limitations.

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How To File New York Tax Extension

If you can’t file your tax return on time, you can easily request an automatic extension by filling out certain forms. For instance, Form IT-201 is needed for resident income tax returns. You can use Form IT-204 for partnership return or Form IT-205 for fiduciary income tax return.

Taxpayers seeking more time to file federal income tax returns due to any possible reason are required to file Form 4868. It is important that you file Form 4868 by the regular due date of the return. You can use Form 4868 for an automatic tax extension. It gives taxpayers additional time until October 16 to file their returns for 2022.

You must file a request for an extension on or before the tax filing deadline of your return. Any extension request filed after the filing deadline for your return will be invalid.

The IRS aims to ensure that most taxpayers who opted for direct deposit and faced no complications during filing receive their due refund within three weeks or 21 days of filing their tax returns electronically. Individual taxpayers and businesses can check the IRS “Where’s My Refund?” page on the website to check their refund status. 

Conclusion

You are eligible for the IRS tax deadline relief if you live or have a business in Erie, Niagara, St. Lawrence, Genesee, and Suffolk counties of New York. You can easily file various federal individual and business tax returns by the updated deadline. Remember to file your tax return on or before the new New York tax deadline or you may face unprecedented consequences. Check out Beem online Tax Calculator to get a quick and accurate estimate of your federal and state tax refund .