Tax Extension Deadline 2023 New York
Tax season can be a stressful time for many, but the good news for New Yorkers is that the IRS has provided a tax extension deadline for 2023. This extension allows taxpayers to have an extra three months to file their taxes and have any due taxes paid in full by April 15, 2023. This deadline is applicable to any individual who meet certain criteria, such as being 65 years of age or older, disabled, or serving in a combat zone.
The Benefits of Filing a Tax Extension
Filing a tax extension is a great way to give yourself more time to get your affairs in order and make sure your taxes are filed correctly. By filing an extension, you can avoid any late filing penalties and the stress that comes with a last-minute filing. Additionally, if you are expecting a tax refund, filing an extension can help you get it faster than if you waited until the April 15th deadline.
How to File a Tax Extension in New York
Filing an extension in New York is relatively simple. First, you will need to print and complete Form 4868, which is the application for an Automatic Extension of Time to File U.S. Individual Income Tax Return. This form can be found on the IRS website, or you can request a printed copy from the IRS. Once you have completed the form, you will need to mail it to the appropriate IRS office. The address of the IRS office in New York can be found on the form.
What Happens After You File the Extension?
Once you have filed your extension, you will need to file your federal income tax return by October 15, 2023. This is the latest date that your return must be filed in order for your extension to be valid. It is important to note that filing an extension does not give you an extension on the payment of any taxes you owe. If you expect to owe taxes, you must make an estimated tax payment by April 15, 2023 in order to avoid any late payment penalty.
Penalties for Not Filing an Extension
If you don't file an extension and fail to submit your tax return by April 15, 2023, you may be subject to a late filing penalty. This penalty is 5% of the amount of taxes due for each month that the return is late, up to a maximum of 25%. Additionally, if you fail to make an estimated tax payment by April 15, 2023, you may be subject to a late payment penalty. This penalty is 0.5% of the amount of taxes due for each month that the payment is late, up to a maximum of 25%.
Getting Help with Your Taxes
If you need help with filing your taxes or understanding the tax extension deadline for 2023 in New York, there are a variety of resources available. You can contact the IRS directly with any questions you might have, or you can hire a tax professional to help you with your taxes. Additionally, there are a variety of tax software programs available that can help you get your taxes done quickly and accurately.
Conclusion
The tax extension deadline for 2023 in New York provides taxpayers with an extra three months to file their taxes and make any necessary payments. Filing an extension can help you avoid any late filing or payment penalties, and it can also help you get your tax refund faster. To file an extension, you will need to complete Form 4868 and mail it to the appropriate IRS office. If you need assistance with filing your taxes or understanding the tax extension deadline, there are a variety of resources available to help you.