New York Extends Tax Deadline for 2021
New York State is following the U.S. government when it comes to taxes this year.
Tax Day will be here before you know it, but thankfully not as soon as you'd expect. According to NBC New York, New York State has pushed its tax filing deadline to Monday, May 17, 2021. This extension matches the New York State tax filing deadline with the federal tax filing deadline. For both federal and New York State taxes, you will need to file by May 17, 2021.
The new deadline will give taxpayers more time to file and pay for taxes. If you do have to pay the Internal Revenue Service (IRS), you can delay the payment of any money owed until May 17. An extension can also be requested for returns until October 15. You will need to file form 4868. House Ways and Means Oversight Subcommittee Chairman Bill Pascrell Jr said, “This extension is absolutely necessary to give Americans some needed flexibility in a time of unprecedented crisis," according to CNBC.
New York State Budget Director Robert Mujica Jr. said, "[The] 30-day extension provides New Yorkers still coping with the complications of the COVID-19 pandemic ample time to file," according to NBC New York.
How Do My Stimulus Checks Tie Into My Taxes?
We've received two stimulus checks this past tax season, and many have questions regarding what exactly they mean for our returns. Do we need to pay tax on that money we received? If those stimulus payments were never received, what has to be done to claim that money?
According to USA Today, you will not have to pay taxes on the stimulus checks because they aren't considered income by the IRS. They consulted Kathy Pickering, chief tax officer for H&R Block, who said that instead they are prepaid tax credits for your 2020 tax return, authorized by two relief bills passed last year that were aimed at stabilizing the U.S. economy amid the coronavirus pandemic.
If you got the full amount for the first and second payments, you don't need to do anything,
If you fall into the category of people who did not get the correct amount for the stimulus payments, be sure to check your 2020 gross income and your family.