![]() You can save time and money by electronically filing your New York income tax directly with the. For more information, see the list of New York itemized deductions. You may be able to claim most of the same deductions on your New York income tax return as you do on your Federal return, but more limitations and phase-outs may exist for higher income taxpayers. New York allows limited itemized deductions. You can, however, claim dependent deductions on your Federal Tax Return. Unlike most states, New York does not have a dependent deduction. The Federal Income Tax, however, does allow a personal exemption to be deducted from your gross income if you are responsible for supporting yourself financially. Keep in mind that not all deductions allowed on your federal income tax return are necessarily going to be allowed on your New York income tax return. Certain itemized deductions (including property tax, qualified charitable contributions, etc) may be allowed depending on the income level and filing type of the taxpayer. Unlike many other states, New York has no standard deduction. For details on specific deductions available in New York, see the list of New York income tax deductions. ![]() Using deductions is an excellent way to reduce your New York income tax and maximize your refund, so be sure to research deductions that you mey be able to claim on your Federal and New York tax returns. Income tax deductions are expenses that can be deducted from your gross pre-tax income. Ĭompare the state income tax rates in New York with the income tax rates in The IRS will start accepting eFiled tax returns in January 2020 - you can start your online tax return today for free with TurboTax. There are -1250 days left until Tax Day, on April 16th 2020.
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