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New York State Commissioner of Taxation and Finance Robert L. Megna today reminded New Yorkers that the April 15th personal income tax filing deadline is near, and that filers can reduce their tax burden - or get an automatic refund - if they qualify for various tax credits.
Commissioner Megna said, "The Department of Taxation and Finance encourages taxpayers to explore the wealth of tax credits offered by the State and City of New York which provide real tax relief for working families, single parents, individuals, farmers and people sending children to college."
Tax credits leave more money in the pockets and savings accounts of working New York families. Various credits can help an individual lower his or her tax bill. Some tax credits are "refundable," meaning that taxpayers could be eligible even if they owe no tax, but only if eligibility requirements are met. The most popular credits are:
This refundable credit is available to working families with incomes up to $37,783 ($39,783 for married taxpayers filing jointly), depending on the number of children in your household. Taxpayers with no dependent children can earn no more than $12,590 ($14,590 for married taxpayers filing jointly). Recent changes have increased the amount of the credit and expanded eligibility. There is also a City of New York Credit. To qualify for these credits you must have worked at least part of the year. You must file form IT-215 to claim the credit. Publication 310-NY contains more information on the program.
Certain non-custodial parents may claim an enhanced EITC in place of the regular State EITC. This innovative credit is designed to encourage non-custodial parents to play an active role in the financial support of their children and to keep current their support orders as determined by the courts. See form IT-209 for instructions.
Working parents who pay for child care may be able to claim some of those expenses as a credit on their federal and state tax returns. The credit equals 110 percent of the federal child care credit for taxpayers with incomes under $25,000. Percentages ranging from 110 percent down to 20 percent apply for those whose incomes range from $25,000 to $65,000. Taxpayers with incomes over $65,000 receive a credit equal to 20 percent of the federal credit. Parents must first qualify for the federal credit before claiming the refundable state credit. Beginning in 2007, New York City residents with incomes of $30,000 or less who paid child care expenses for children under the age of four may be eligible to claim the New York City child and dependent care credit in addition to the New York State credit.
Resident taxpayers may also claim a refundable credit equal to the greater of $100 times the number of children ages 4-16 who qualify for the federal child care credit or 33 percent of the allowed federal child credit for children ages 4-16.
If you, your spouse, or your dependent(s) were a student at an institution of higher education, you may be entitled for the refundable college tuition credit. The credit is up to $400 per eligible student and available to full-year New York State residents. Alternatively, you may claim a college tuition itemized deduction which is available to non-resident and part-year residents. For further information taxpayers may reference Pub 10-W FAQS: New York State College Tuition Credit and Itemized Deduction.
If you are married, head of household or a qualifying widow or widower with a dependent child, your income is $32,000 or less and you can't be claimed as a dependent on anotherperson's federal return, you can qualify for a Household Credit of up to $75, plus up to $15 for each exemption on your federal return. Single filers with incomes up to $28,000 also can qualify. New York City residents are eligible for an additional New York City Household Credit.
You can learn more about tax credits by requesting free publications from the Tax Department. Call toll-free (800) 462-8100 and ask for Publication 99, "General Information On New York State and New York City Income Tax Credits." Publications and forms also are available at many local libraries, banks and post offices, or 24 hours a day by calling the Tax Department's Fax-on-demand line. To access the system, call (800) 748-3676.
Can't meet the April 15 deadline? New York taxpayers can get an automatic six-month extension for filing their New York State income tax returns. To get an extension, taxpayers must file Form IT-370, Application for Automatic Six-Month Extension of Time to File for Individuals, on or before April 15. This form can be filed online at www.nystax.gov.
Taxpayers are reminded that filing for an extension doesn't extend the amount of time a filer has to pay his or her taxes. In order for an extension to be valid, a taxpayer must properly estimate and pay any tax liability. Balances due with an online extension can be paid with the taxpayer authorizing an electronic funds withdrawal directly from a bank account, credit card, or simply by printing out a payment voucher and mailing the payment.
Wage earners who purposely avoid paying income taxes are reminded that by violating the law they face monetary and criminal penalties.
The Tax Law requires most wage earners to file a tax return. New York law imposes monetary and criminal penalties for those who deliberately fail to file and the Department is determined to seek these penalties against those who evade their tax obligation by willfully and knowingly choosing not to file.
Commissioner Megna said, "Each year, millions of New York taxpayers file their income tax returns and voluntarily pay their state and local income taxes. These responsible citizens provide the revenues needed for critical state services. But while millions of taxpayers voluntarily comply, thousands more fail to file required returns. These tax evaders force honest people to shoulder an unfair share of the tax burden."
The Department of Taxation and Finance plays a central role in the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs which field teams of trained and dedicated volunteers throughout New York's communities to assist taxpayers in meeting their obligations by filing timely and accurate returns. To find the closest VITA or TCE location, call 1-800-829-1040.
For more information about filing a tax return, visit the Tax Department=s web site at www.nystax.gov or by call the Department's Call Center at 1-800-225-5829.
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Last Modified: April 09, 2008
