With May 17th come and gone, you might be wondering what your options are regarding receiving an extension on your taxes in New Jersey. Continue reading to discover your options regarding applying for an extension on your taxes in New Jersey after May 17th, 2021. If you require assistance with taxes, accounting, or consulting services, do not hesitate to reach out to Wardann DeVito LLC today for assistance with your financial needs.
Can I receive an extension on my taxes in New Jersey?
If you require more time to prepare your tax return beyond the due date of May 17, you may apply for an extension of time to file. However, there are three factors to consider before applying for your extension:
- October 15, 2021, is the additional extension of time to file. You will have until October 15, 2021, to file your New Jersey return
- There is no extension of time to pay your taxes.
- You must pay at least 80% of any owed taxes to avoid a late filing penalty by May 17, 2021.
You must provide the New Jersey Treasury with a copy of your federal extension application when you file your New Jersey tax return if you are filing a federal extension. You may also provide a confirmation number from the IRS instead of a copy of your federal extension application. Civil union partners filing a joint return must provide copies of the federal extension application, a confirmation number from the IRS, or they must file Form NJ-603.
File Form NJ-630 to request an extension no later than May 17, 2021, by filling the form online or by printing or mailing the proper form if you are not filing a federal extension.
In order for New Jersey to accept your extension, you must calculate your total tax due for the tax year. This can be found on Form NJ-1040, Form NJ-1040NP, line 41, or Form NJ-1041, line 28. However, if your withholdings, estimated payments, or other payments do not equal at least 80% of your total tax due, you must make a payment with your extension application to ensure this amount has been satisfied and at least 80% is paid.
Your extension will be denied and you will be charged with a late filing penalty if you do not have at least 80% of your taxes paid by May 17, 2021.
This information was last updated Wednesday, March 24th, 2021 by the New Jersey Treasury. Visit the COVID-19 Related Tax Information page on the NJ Treasury website to discover if your extension was granted.
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Werdann DeVito LLC is an experienced Certified Public Accountant firm serving clients throughout New Jersey with all of their financial needs. If you need quality assistance with accounting, tax, or consulting services, contact Werdann DeVito LLC today.