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Storm May Push Tax Filing Deadline Back in New York State

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It’s mid March and the heat is on to get taxes filed before the mid-April deadline. Some are holding out for the last minute. Yet some are trying to stay on top of their taxes and get things done on time. However, the latest round of winter weather has put some small businesses behind in their quest to file on time.

As of Wednesday morning, numerous schools and businesses are closed from Buffalo to Albany and the snow has really piled up around Syracuse where some reports put the total (so fa) at 41 inches.

With the snow and the tax deadline looming, Senator Chuck Schumer is calling on officials at the IRS to allow small businesses a tax deadline extension.

Small business in New York is required to file on March 15.

According to Metro News:

“Schumer wrote a letter to the IRS asking them to grant some leniency to businesses in Central, Western and Southern Tier New York. Schumer said New York is under a state of emergency and many businesses and CPA advisors won’t be able to make the deadline.”

As for individuals, the deadline to file your Federal Income Tax is Tuesday, April 18th. The same goes for residents paying income tax in New York State.

Individual tax payers can submit a request for an extension.

Filed already? There is a chance that you may get a little extra from New York in your refund this year IF the following criteria are met:

Interest earned on refunds

  • If the refund is not made within 45 days of the due date or from the date you filed (whichever is later), interest will be paid from that date.
  • If the refund is made within 45 days of the due date or from the date you filed (whichever is later), you will not receive interest.
  • Special rules: Interest will not be paid to you on the portion of your refund that is attributed to the real property tax credit, earned income credit, child or dependent care credit, college tuition credit, farmers’ school tax credit, New York City school tax credit, or if your return cannot be processed.

I try to file as early as possible. The stress of taxes can be overwhelming to get them done properly and I try to avoid the added weight of getting too close to the deadline.

 

 

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