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NY Refund Checks go to Early-Bird Income Tax Filers
Increasing number of E-filers reap benefits as 2007 filing season begins
The check is in the mail, at least for New York's early-bird income tax filers.
New York State Department of Taxation and Finance Acting Commissioner Barbara G. Billet announced on January 23, 2007 that income tax refund checks have been issued to about 400 taxpayers who, in early January, e-filed their 2006 tax returns.
"We anticipate that more than 50 percent of all personal income tax returns filed this year will be filed electronically," Acting Commissioner Billet said. "For most taxpayers, efile offers the fastest and most hassle-free alternative to filing the traditional paper return."
Last year, 48 percent of New York's 9.2 million personal income tax returns were filed electronically, an increase of over 34 percent in 2005 and 29 percent in 2004. The tax department estimates that nearly six million income tax filers will receive refunds this year totaling $4.6 billion.
E-file offers numerous benefits, including increased accuracy, faster processing, and an electronic confirmation that the taxpayer's return has been received. E-file with direct deposit is the fastest way to get your New York State tax refund. With e-file, income tax filers can have their refunds deposited directly to their bank accounts or receive a paper check. Taxpayers who owe tax can take advantage of a number of payment options, including paying their tax electronically. You can even file your return early, and schedule the payment anytime on or before the due date of the return.
Computers allow e-filed returns to be processed faster and more accurately than paper returns. Returns can be filed from home, or through a tax professional, using an authorized software package anytime of the day or night. In addition, taxpayers who e-file receive an electronic confirmation that their return has been received by the tax department and need not worry if the return was postmarked in time or arrived at its final destination.
Qualifying filers may also take advantage of New York's Free File program and e-file their returns for free. Taxpayers generally pay a fee to use a company's software to prepare and e-file their returns. New York's Free File program provides access to companies that offer secure internet return preparation and e-filing of both the federal and New York State tax returns for free to qualified individuals. Eligibility requirements are determined by each participating provider.
Taxpayers with adjusted gross incomes of $52,000 or less may be eligible for free efile through the department's website. Taxpayers meeting certain income limits, in addition to younger filers, senior citizens, members of the military, and filers who qualify for the Earned Income Tax Credit, may be able to prepare their returns and file electronically through the Free File program at no cost. To ensure that filers receive the benefit of free federal and state e-filing, they must access the Free File services through the department's website.
For more information about filing your taxes, e-filing or the Free File program, visit the tax department's website at www.nystax.gov or call 1-800- 225-5829.
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