Uncover Hidden Savings: Lesser-Known New York State Tax Credits
Tax season is here. January 29, 2024, was the opening day. You have until April 15, 2024 to get your stuff together. Well. except for the optional filing for an extension.
And if you are a resident of Maine or Massachusetts, you have until April 17, 202 to file, due to state holidays. Wait, states have their own holidays? Why don't New York and Pennsylvania have a state holiday or two? Maybe someone should look into that.
Anyway, back on topic, it's that time of year to do what no one wants to do. Get your taxes done, either by yourself or through a tax preparer. In my younger years, my mom took care of my taxes. Now, I use a tax preparer. I do not trust myself to get it right.
It's interesting some of the things you can get a tax credit for when filing your taxes. And in New York State, there are a lot of tax credits. Things you may have never thought of. Below, are just a few I found interesting, and that might apply to you.
You may qualify for this credit if you...
Child and Dependent Care - Qualified to claim the federal child and dependent care credit.
Clean Heating Fuel - Purchased bioheating fuel that is used for space heating or hot water production for residential purposes.
Defibrillator - Purchased an automated external defibrillator.
Farm Donations to Food Pantries - Made qualified donations to an eligible food pantry operating in New York State.
Long-Term Care Insurance - Paid premiums during the tax year for a long-term care insurance policy.
Restaurant Return-To-Work - Are a restaurant in New York State that is a small business, that experienced economic harm due to COVID, has since increased employment, and has received a certificate of eligibility from the Department of Economic Development.
Solar Energy System Equipment - Purchased or leased solar energy system equipment and installed it at your principal residence.
Taxes Paid to Another State or Jurisdiction - Received income while a New York State resident from outside New York State that was taxed by a jurisdiction outside New York State.
Volunteer Firefighters and Ambulance Workers - Are a volunteer firefighter or ambulance worker for the entire year.
For a complete list of New York State tax credits, click HERE.
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