New York

New York State Extends Tax Filing Deadline

New Yorkers will have more time to file their state income taxes this year.
The deadline for filing was extended to May 17, the same date as the amended federal tax filing deadline, to accommodate New Yorkers during the COVID-19 crisis, State Budget Director Robert F. Mujica Jr. announced Friday.
“This will shift approximately $6 billion of revenue from April to May, and the state will make any necessary adjustments to cash flow,” Mujica said in a statement.
Payments are usually due April 15 of each year.
Self-employed business owners shouldn’t procrastinate, as the due date for 2021 first-quarter estimated taxes hasn’t changed.
“Self-employed taxpayers that make an estimated tax payment still need to have everything in by April 15,” said Ron Pratt, an accountant at Syracuse Wealth Management.
There are also changes for those who collected unemployment in 2020, with a $10,200 federal exclusion being signed into law, said Pratt.
“People that have already filed may potentially have to amend to get the tax savings and the returns that are in process are going to have to hold up until the tax software is … ready to be released,” he said.
“This year has been crazy from day one. The start of tax season was delayed for two weeks from the laws originally. And now they’re being delayed again from this new tax change. I’ve had clients with master’s degrees that used to do their own taxes come in and … get frustrated that they can’t do their own taxes anymore. It’s gotten that complicated.”

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