It has been 6 months since the federal income tax filing campaign ended in New York, United States, and now it’s time for resolutions and refunds. However, there are still exceptions, such as for those who have requested an extension from the Department of Taxes and Finance or residents in states like Alaska, Florida, Nevada, among others. Nevertheless, the time has come for citizens to qualify for tax refund programs.
This is the case in New Jersey, where eligible citizens of the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) state program can receive up to $1,750. In the case of New York, they have the STAR (School Tax Relief) state program, and it has also benefited from an expansion of the Child Max Credit. Additionally, the state has also decided to send one-time discount payments to eligible families to help with the high costs of raising children, driven up by inflation.
Federal tax filing campaigns
Although the tax year ends on December 31, the deadline for filing the tax return is, unless changes occur, April 15 of each year. It is until that date that American citizens have the opportunity to submit the necessary documentation related to their tax activity. However, there are exceptions, such as for those citizens who request an extension, in which case their deadline is in October.
Refusing to file your federal taxes, or failing to do so on time, will incur penalties such as interest payments on the taxes owed to the Internal Revenue Service (IRS). In more extreme cases, payment of a penalty may be required, and it can even result in legal actions against you.
Tax Refund
Whether you have already filed your tax return or you are under an extension, you should know that you can qualify for a tax refund (even if you live in a state where you are not required to file). In New Jersey, citizens can benefit from the state program Affordable New Jersey Communities for Homeowners and Renters (ANCHOR), through which they can receive refunds of up to $1,750 for the taxes declared on their properties.
In New York, they have the state program STAR (School Tax Relief), through which they can receive up to $1,500 for the taxes on their properties. There are 2 types of STAR programs depending on eligibility:
- STAR basic: citizens with incomes below $500,000 for the STAR credit or $250,000 or less for the STAR exemption.
- STAR enhanced: citizens aged 65 or older, with incomes under $107,300 to qualify for a STAR discount or exemption.
Tax Deductions in New York
Both the city and the State of New York are considered some of the most expensive places to live globally. Perhaps that is why the State continues to implement various programs and tax deductions for New Yorkers. This is the case with the Child Tax Credit, which underwent an expansion, allowing families to enjoy tax deductions that help reduce the costs of family upbringing.
Additionally, they have also decided to provide unique discounts to eligible families, to assist them with expenses arising from the increase in inflation.With all this information, remember that we not only have the obligation to make our corresponding declarations to the Department of Taxes and Finance, but as citizens, we also have the right to enjoy certain tax deductions that make life a little easier for us.
