How to file for a tax extension and 4 more things for last-minute filers to know

The April 15 deadline for filing federal and New York State taxes is here, and for Long Islanders preparing their returns it can feel daunting, local tax experts said. 

While many have already filed their returns — more than 100 million returns had been received by the IRS as of April 4, according to the federal agency — many find the process to be such a pain they delay until the last minute.

A quarter of Americans admit they hate doing taxes so much that they put it off until the last minute, according to a TurboTax Procrastination Survey published in April. According to the survey, 27% of respondents said preparing their taxes was worse than getting a root canal.

Here are five things to know about filing returns:

What do I need to know about filing an extension?

Erika Calderon, managing partner at Brinster & Bergman LLP in Rockville Centre, a full-service accounting firm, said Long Islanders seeking an extension should know that it can delay filing the tax information behind the payment, but not the payment itself, if taxes are owed.

“Whatever tax you estimate you would owe, you pay with your extension,” Calderon said.

The deadline to file for an extension is the same as the deadline to file your taxes, she added. With a federal or state extension, filers could have until Oct. 15 to file their returns. 

“Filing an extension is super easy and there’s really a bad perception around filing an extension,” said Kelly Rohrs, founder of K. Rohrs CPA PC in Rockville Centre. “People file extensions for a number of reasons.”

Unfortunately, New York State does not honor the federal extensions as other states do,” Rohrs said. “An extension has to be filed for both; otherwise there are additional penalties.”

To file a federal extension, visit the IRS information page on extensions. To file an extension with New York State, visit the state Department of Taxation and Finance website.

What happens if I don’t file by the deadline?

Missing the April 15 filing deadline, even by a day, could carry significant penalties for taxpayers who owe money. 

“You could get lucky, and your filing could be accepted,” Rohrs said. “If you are unlucky, then you will likely get penalties with interest if you owe any taxes, and they aren’t paid by the deadline.”

Are there any major changes in tax policy for 2024?

While there is plenty of talk about potential changes to U.S. tax policies in 2025, tax preparation experts on the Island said there weren’t major changes for tax year 2024.

“It hasn’t changed that much,” said Doug Carpenter, president of Comprehensive Hospitality Solutions LLC, a Melville-based accounting firm that specializes in hospitality.

Are there tax credits last-minute filers should look for?

Among the credits Long Islanders should be on the lookout for are the Child and Dependent Care tax credit and the Energy Efficient Home Improvement credit, said local experts.

“If you pay for after-school childcare, that could be deducted depending on your situation,” Calderon said. “There are a lot of credits for repairs done to your home if they are energy efficient.”

What should last-minutes filers keep in mind?

“Don’t panic,” Calderon said. “If you need to file an extension, there’s nothing wrong with that. It doesn’t trigger anything.”

Experts like Carpenter said it's "much better to file an extension than an incorrect return."

“The one thing that people should not do is avoid it,” he said.