Business taxes Internal Revenue Service

Nearly 40% of taxpayers will rely on refunds this year to make ends meet, according to a Credit Karma survey that polled 1,000 adults in late December and early January. Find out where to file and ensure compliance with state finance requirements. “Direct File is a safe, secure system that you can access from a smartphone or desktop computer. Qualified New Yorkers can answer simple questions instead of filling out forms or paying a preparer to complete their income return,” said Tax Department Acting Commissioner Amanda Hiller. You must subtract any scholarships you receive, such as the Excelsior Scholarship, from your qualified college tuition expenses, even if it is not listed on the itemized bill from your school. The supplemental income tax imposed on high-earning New Yorkers can, in some cases, amount to an almost flat tax on all earnings rather than just a portion of earnings.

When Does a Nonresident Owe Income Taxes to New York State?

Lower-income workers may be eligible for a credit of $632 to $7,830, depending on income and number of children, but you don’t need to have children to be eligible. The average EITC amount last year among 23 million who claimed the credit was $2,743. Eligible taxpayers are individuals and businesses affected by various disasters that occurred during the late spring through the end of 2024. For extension filers, payments on the 2023 tax year returns are not eligible for the additional time because they were originally due last spring before any of these disasters occurred. While the federal tax deadline is April 15 for most filers, some tax filers, including California wildfire victims, have extensions to file returns and pay taxes owed. The IRS provides a detailed breakdown of IRS tax relief by date.

How do I know if I am a resident of New York State for income tax purposes?

• The penalties are much higher for late filing than late payment.
• As you may have guessed, New York is one of these “sticky states” — along with California, New Mexico, South Carolina, and Virginia.
• Form 11-C – Use Form 11-C, Occupational Tax and Registration Return for Wagering, to register for any wagering activity and to pay the federal occupational tax on wagering.
• The feature helps to educate taxpayers on common scams and fraudulent efforts to steal taxpayer information and provide taxpayers with more ability to validate the legitimacy of IRS communications.
• Generally, you must pay taxes on income, including self-employment tax (discussed next), by making regular payments of estimated tax during the year.

Taxpayers residing in a federally declared disaster area may have additional time to file and pay federal taxes. During today’s early morning opening, IRS systems have already received millions of tax returns from across the nation for processing. Not everyone is required to file taxes, but most Americans must and likely will submit a return. Some will even do so today, the first day the IRS is accepting and processing returns this tax season. Taxpayers who live or have a business in Israel, Gaza or the West Bank, and certain other taxpayers affected by the terrorist attacks in the State of Israel have until Sept. 30, 2025, to file and pay. While it may be tempting to file your return quickly, it is important to gather the necessary tax forms first, according to certified public accountant Brian Long, senior tax advisor at Wealth Enhancement in Minneapolis.

Taxation and Finance

The voicebot is available in English and Spanish and has helped thousands of callers without the need to wait for the next available representative. Taxpayers will have to authenticate their identity to gain access to their refund information by providing select information from their tax return. The Interactive Tax Assistant (ITA) is a tool that provides answers to several tax law questions specific to individual circumstances. The 2025 tax filing season will reflect continued IRS progress to modernize and add new tools and features new york income tax to help taxpayers. New York State taxes are separate from federal taxes, meaning you will need to file a separate tax return for the state.

People should report all taxable income on their tax return and wait to file until they receive all of their income and informational documents. Taxpayers may receive various income and information statements such as Forms 1099 from banks or other payers, unemployment compensation, dividends, pensions, annuities or retirement plan distributions. Starting today, almost everyone can file electronically for free by using IRS Free File, available only on IRS.gov.

• Taxpayers who live or have a business in Israel, Gaza or the West Bank, and certain other taxpayers affected by the terrorist attacks in the State of Israel have until Sept. 30, 2025, to file and pay.
• Direct File has now expanded to 25 states, with an estimated 30 million taxpayers eligible to use the system.
• In general, your domicile is your permanent and primary residence that you intend to return to and/or remain in after being away (for example, on vacation, business assignments, educational leave, or military assignment).
• You may qualify for this refundable credit, meaning even if you do not owe taxes, you can still get a refund.
• We’ll cover who needs to file, how to check your residency status for tax purposes, what deductions and credits are available, and more.
• ◾ Alternative minimum tax, which is generally for very high-income taxpayers.

Filing Tips

First you will need to determine whether you are a New York resident or part-year resident. All city residents’ income, no matter where it is earned, is subject to New York City Certified Bookkeeper personal income tax. Nonresidents of New York City are not liable for New York City personal income tax. If you meet the requirements under either test you will be deemed a resident and taxed accordingly. For more details on the residency tests, download our eBook or contact a tax lawyer to discuss your unique circumstances.

• Whether through paper filing or online submission, it’s important to provide accurate information and include any necessary supporting documentation when filing an amended return.
• The EITC is just one of several refundable tax credits related to family and dependent care that individuals without a filing requirement may still be eligible to claim.
• WASHINGTON —The Internal Revenue Service today reminded disaster-area taxpayers who received extensions to file their 2023 returns that, depending upon their location, their returns are due by Feb. 3 or May 1, 2025.
• Filing a tax return can potentially make you eligible for certain tax credits, such as the Earned Income Tax Credit or the Child and Dependent Care Credit, which can help reduce your overall tax liability.
• Eligible taxpayers are individuals and businesses affected by various disasters that occurred during the late spring through the end of 2024.
• It’s worth noting that regardless of the filing method you choose, you may be required to attach supporting documents, such as W-2 forms, 1099 forms, or any other relevant documentation, to your tax return.

Income tax filing resource center

Scammers use the regular mail, telephone and email to set up individuals, businesses, payroll and tax professionals. Check out the latest consumer alerts and read more about the most recent tax related scams identified net sales by the IRS. If you’re still stumped, use the IRS’ interactive tool to help you determine if you need to file a tax return. ◾ Alternative minimum tax, which is generally for very high-income taxpayers.