Friday, October 10, 2014

NYS Tax Department Reminds Taxpayers of Oct. 15th Filing Deadline

Nearly 740,000 asked for an extension to file their income tax returns; e-file is the safest, fastest way to file

The New York State Department of Taxation and Finance today reminded New Yorkers who months ago requested a filing extension that October 15th is the deadline to file their State income tax return.
Of the 740,000 taxpayers who requested an extension, 400,000 (54%) have yet to file.
When the final count is in, the Tax Department will have processed nearly 11 million personal income tax returns this year.
“90% of New York taxpayers are enjoying the benefits electronic filing,” noted Commissioner Thomas H. Mattox. “We encourage all New Yorkers to e-file.   It’s the easiest and fastest way to file, and if you’re due a refund you’ll receive it up to twice as fast.”
The error rate on e-filed returns is 20 times lower than paper returns as a result of the automated calculations and user-friendly error checking built into the software.
E-file for free
Asking for an extension doesn’t affect a taxpayer’s ability to e-file for free; more than 85% of all New York State taxpayers qualify to do so through one of two options:
Free State and Federal E-Filing – Use an approved e-file software provider available from the Tax Department's Web site, The taxpayer's adjusted gross income in 2013 must be $58,000 or less.
“Be sure to select an e-file option directly from our Web site,” Commissioner Mattox stressed. “This will help you avoid an unexpected cost for filing your state return.”
New York State Web File – Most New Yorkers, regardless of income level, can prepare and e-file their State tax return directly at the Department's Web site. Eligibility requirements are available online.
Don’t forget tax credits
Tax credits can help qualified taxpayers reduce their income tax liability. For example, the Earned Income Tax Credit (EITC) is a refundable federal and state income tax credit available to working individuals and families with an adjusted gross income less than $51,567 in 2013. Eligible families with three or more qualifying children can receive up to the maximum benefit of $8,159.
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