Tax credits are like special discounts that can help you pay less money in taxes. In New York State, there are several tax credits you might qualify for. These credits can lower the amount of New York State income tax you owe. Some are even refundable, which means you can get money back even if you don't owe any income tax.
Examples of tax credits you might qualify for in New York State
Earned Income Tax Credit (EITC): This credit helps people and families with low to moderate incomes. If you meet certain income requirements and have earned money from a job or your own business, you may qualify for this credit.
Child and Dependent Care Credit: If you paid for child care or care for a dependent while you worked, you may qualify for this credit. It can help pay for some of your childcare costs.
New York State Child Tax Credit: This credit is for families with children who are under 17 years old. It gives you a tax break for each qualifying child in your household.
College Tuition Credit: If you or your parents paid for college expenses like tuition, you may qualify for this credit. It helps reduce the taxes you pay because of education costs.
Empire State Child Credit: This credit is for families with children under 17. It gives additional tax relief for families in New York State.
Finding out more
These are just a few examples of tax credits available in New York State. There might be other credits you could qualify for based on your situation. To find out if you qualify for any of these tax credits or others, visit the New York Department of Taxation and Finance website to learn more. They have detailed information on each credit and how to claim them.
Getting help
By using these tax credits, you can pay less in taxes or even get money back if you qualify for refundable credits. It's always a good idea to talk with a tax professional or use tax software to make sure you're getting all the credits you qualify for and paying the least amount of taxes possible.
Remember: taxes can be complicated, so it's important to read the official rules and get help if you need it.
Last Reviewed: May 19, 2023