Every year, I wait until about two weeks before the tax deadline to file. No, it's not that I'm lazy or procrastinating. It's that I usually owe some money and I prefer to wait until close to the deadline to pay Uncle Sam. If you're reading this, you're probably in the same boat as me.
Tax season officially kicked off on Monday, January 23, 2023, but here we are, just now getting our taxes done two months later. We may not have a lot of time, but, before you file or hand things over to your tax preparer, make sure you are familiar with all the credits you might qualify for in New York State.
What Tax Credits Can New York Residents Take?
While there are too many to list here, I'll drop some of the most frequently used. You definitely shouldn't leave any money on the table. If you receive any type of benefits or assistance, you can likely apply for tax credits without voiding your eligibility (check with a tax professional to be 100 percent sure).
In most cases, claiming tax credits does not affect eligibility for benefits like the Food Stamp Program (SNAP), Supplemental Security Income (SSI), Medicaid, Temporary Assistance for Needy Families (TANF), or public or subsidized housing. These credits are not considered income when determining eligibility for these programs, but they may be counted as a resource for some programs if the money is not spent within a certain time frame.
Before we get to the credits, the Internal Revenue Service wants filers to know that certain federal credits will return to 2019 levels.
Those who got $3,600 per dependent in 2021 for the Child Tax Credit will, if eligible, get $2,000 for the 2022 tax year. For the EITC, eligible taxpayers with no children who received roughly $1,500 in 2021 will now get $500 in 2022. The Child and Dependent Care Credit returns to a maximum of $2,100 in 2022 instead of $8,000 in 2021.
New York State Offers Residents And Small Businesses A Variety Of Tax Credits For 2022
- Child and dependent care credit (NYS) or (NYC)
- Clean heating fuel credit
- College tuition credit
- COVID-19 capital costs credit (New for small businesses)
- Earned income credit (NYS) or (NYC)
- Empire State child credit
- New York State household credit
- Low-income housing credit (For businesses)
- New York City credits
- New York Youth Jobs Program tax credit (For businesses)
- Noncustodial parent earned income credit
- Homeowner tax rebate credit
- Real property tax credit
- STAR credit
- Volunteer firefighters' and ambulance workers' credit
- Workers with disabilities tax credit (For businesses)
See A Full List Of New York State Tax Credits Here
***This article is not intended to provide any legal or tax advice. Please see a professional with any questions or concerns.