New Yorkers Reminded Tax Extensions Don't Delay Payments

Got story updates? Submit your updates here. ›

As the tax filing deadline approaches, many New Yorkers are rushing to complete their returns. However, experts warn that filing for a tax extension does not mean delaying payment of any taxes owed. The extension only provides more time to file the return, not to submit payment. Taxpayers are still required to estimate and pay any taxes due by the original deadline to avoid penalties, even if they plan to file their return at a later date.

Why it matters

Correctly understanding the purpose and limitations of tax extensions is important for New Yorkers to avoid costly mistakes and penalties. Many taxpayers mistakenly believe an extension provides more time to pay, when in reality it only gives them additional time to file their return.

The details

While filing for an extension through the IRS or New York State Department of Taxation and Finance provides an automatic 6-month extension to submit the tax return, any taxes owed are still due by the original filing deadline. Taxpayers must estimate the amount they owe and submit a payment by April 15th to avoid late payment penalties and interest charges, even if they plan to file their full return at a later date. The extension only delays the filing requirement, not the payment requirement.

• The federal tax filing deadline is April 15th each year.
• New York state tax returns are also due on April 15th.