Exploring the Most Beneficial Tax Credits for New York Residents
Top 6 New York State Tax Credits for 2023
1. Empire State Child Credit
The Empire State Child Credit offers a refundable tax credit for eligible New York residents with qualifying children.
2. Child and dependent care credit
This credit provides financial support for working individuals who pay for child or dependent care.
3. Earned income credit
Designed for low-income singles and moderate-income families, this credit is refundable for full-time state residents.
4. Clean heating fuel credit
A credit for using bioheating fuel for residential heating needs, encouraging clean energy adoption.
5. Solar Energy System Equipment Credit
Incentivizing the use of solar energy systems for residential energy needs with a tax credit of up to $5,000.
6. STAR credit
A property tax relief credit for eligible New York State homeowners, providing direct financial assistance for school taxes.
The beauty of tax credits:Credits directly reduce your final tax bill, with potential for refunds, unlike deductions that only lower taxable income.
If you're worried about missing out on tax breaks, consider using reputable tax software or consulting with a financial professional for personalized advice.This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.