What deductions or credits are available to New York State residents?
New York State residents are eligible for various deductions and credits to reduce their tax liabilities. Deductions include expenses such as job-related moving expenses, certain self-employment expenses, and contributions to New York 529 College Savings Program. Additionally, individuals can claim deductions for qualified medical and dental expenses, property taxes, mortgage interest, and charitable contributions. Residents may also qualify for various tax credits, such as the Earned Income Tax Credit (EITC), Child and Dependent Care Credit, Empire State Child Credit, and Real Property Tax Credit. Furthermore, credits for the rehabilitation of historic properties, renewable energy, low-income housing, and New York State film production are available. It's essential for residents to review the specific eligibility requirements and consult the New York State Department of Taxation and Finance or a qualified tax professional for detailed guidance.
Answered May 3, 2024
Need further help?
Type out your followup or related question and we will get you an answer right away.