07/06/2026
Do not fall victim and assume that delaying your tax return will somehow make the situation better. In reality, filing late is almost always more expensive than filing on time - even if you are unable to pay the full amount you owe.
We have seen from the failure-to-file penalty, late payment penalties, and compounding interest that the consequences add up quickly.
A few reasons to file as soon as possible:
• Applying for a mortgage or home equity loan? Most lenders require current tax returns before they can verify your income. Filing late can delay or even jeopardize your approval. The same is often true for college students applying for federal financial aid.
• If you are self-employed, the Social Security Administration uses your reported earnings from your tax returns to calculate future benefits. Filing late or not filing at all can delay or reduce the earnings credited to your record.
• Get your tax records while they are available. Employers, brokerage firms, and other financial institutions may not keep tax documents indefinitely. The longer you wait to file, the harder it is to obtain important tax records and more time-consuming.
• Don't miss out on government payments. If your taxes are not current you may lose out on special payouts such as the Economic Impact Payments and NY Inflation Refund check.
• Claim your refund before it is too late. If you wait more than three years from the original due date to file, any refunds become property of the U.S. Treasury.