Get Ready to File: New York Tax Season is Here + Free Filing Options Available
Table of Contents
- 1. Get Ready to File: New York Tax Season is Here + Free Filing Options Available
- 2. Key Income Tax Changes for 2024
- 3. What tax breaks are available to New York state residents this year?
- 4. Get Ready to File: New York Tax Season is Here + Free Filing Options Available
- 5. Exclusive Interview with Brenda Carson,Certified Public Accountant (CPA),on Navigating New York’s Tax Season
- 6. Archyde: Brenda, happy New Year! Tax season is here. What’s the most critically important message you want New Yorkers to know as they begin filing?
- 7. Archyde: Several New York residents may be eligible for the IRS Direct File program. can you tell us a bit about it?
- 8. Archyde: Gov. Hochul has been vocal about the potential savings Direct File offers. Why should someone consider this option?
- 9. Archyde: While the tax rates themselves remain unchanged, we’ve seen some adjustments to the income tax brackets and standard deductions. How will these changes affect taxpayers this year?
- 10. Archyde: Amanda Hiller, the Acting Commissioner of the New York State Tax Department, emphasized the safety and security of using direct File. Would you agree?
- 11. Archyde: What’s one final piece of advice you’d give to New Yorkers as they navigate this year’s tax season?
- 12. What about you? What are your biggest concerns about filing your taxes this year? Share your thoughts in the comments below!
New York State’s tax season is officially open, kicking off on Monday, January 27th, 2025, with millions of residents now able to file their returns.
New York Governor Kathy Hochul is urging eligible taxpayers to take advantage of IRS Direct file,a free service offered by the IRS in 25 states,including New York. “direct File is a common-sense approach to filing taxes,” said Governor Hochul. “If you have a basic return, you’ll find that it’s easy to complete the process adn that you can save hundreds of dollars in tax preparation fees.”
Additionally, Governor hochul pointed out the significant financial benefits of Direct File: “Close to 3.4 million New Yorkers are eligible for this program,which could save each of them around $260 in tax preparation fees.”
The program has expanded this year, so even those who weren’t eligible last year may qualify now. To check your eligibility and see if Direct File is right for you, visit the New York State Tax Department website. You can access IRS Direct File from your smartphone or desktop computer and answer simple questions rather of filling out lengthy forms or paying a preparer. as Tax Department Acting Commissioner Amanda Hiller stated,”Direct file is a safe,secure system.”
New Yorkers earning less than $200,000 individually or $250,000 when filing jointly may qualify.
Key Income Tax Changes for 2024
While tax rates remain consistent, the IRS has introduced new income tax brackets with adjusted thresholds for the 2024 tax year.
The standard deduction will also increase from $13,850 for single filers and $27,700 for married couples filing jointly to $14,600 and $29,200, respectively.
here’s a breakdown of the new tax brackets:
tax Brackets for Single Filers
$11,600 or less in taxable income – 10% of taxable income
$11,600 to $47,150 in taxable income – $1,160 plus 12% of the excess over $11,600
$47,150 to $100,525 in taxable income – $5,426 plus 22% of the excess over $47,150
$100,525 to $191,950 in taxable income – $17,168.50 plus 24% of the excess over $100,525
$191,950 to $243,725 in taxable income – $39,110.50 plus 32% of the excess over $191,150
$243,725 to $609,350 in taxable income – $55,678.50 plus 35% of the excess over $243,725
$609,350 or more in taxable income – $183,647.25 plus 37% of the excess over $609,350
Tax Brackets for Married Couples Filing Jointly
$23,200 or less in taxable income – 10% of taxable income
$23,200 but not over $94,300 – $2,320 plus 12% of the excess over $23,200
$94,300 but not over $201,050 – $10,852 plus 22% of the excess over $94,300
$201,050 but not over $383,900 - $34,337 plus 24% of the excess over $201,050
$383,900 but not over $487,450 – $78,221 plus 32% of the excess over $383,900
$487,450 but not over $731,200 – $111,357 plus 35% of the excess over $487,450
$731,200 or more in taxable income - $196,669.50 plus 37% of the excess over $731,200
With tax season upon us, take advantage of the resources and free filing options available to ensure you file accurately and efficiently.
What tax breaks are available to New York state residents this year?
Get Ready to File: New York Tax Season is Here + Free Filing Options Available
New York State’s tax season is officially kicking off,with millions of residents now able to file their returns. To help guide us through the process and highlight available resources, we spoke with Brenda Carson, a Certified Public Accountant (CPA) with over a decade of experience in New York State tax law.
Archyde: Brenda, happy New Year! Tax season is here. What’s the most critically important message you want New Yorkers to know as they begin filing?
Brenda Carson: A big “Happy New Year” right back at you! The most important thing is to start early. Don’t wait until the last minute.Gather all your necessary documents, like W-2s, 1099s, and receipts for deductible expenses. The sooner you start, the less stressful the process will be.
Archyde: Several New York residents may be eligible for the IRS Direct File program. can you tell us a bit about it?
Brenda Carson: You bet! Direct File is a fantastic resource for those with relatively simple tax situations. It’s a free service offered by the IRS in 25 states, including new York, making the filing process quick and easy. If your income is below certain thresholds, you might be able to complete your entire return online with minimal effort.
Archyde: Gov. Hochul has been vocal about the potential savings Direct File offers. Why should someone consider this option?
brenda Carson: It’s simple: Direct File can save you money! The IRS estimates that individuals could save around $260 on tax planning fees. It’s a win-win situation – you get your taxes done accurately and affordably. And remember, even if you weren’t eligible last year, your situation may have changed! The program has expanded, so check the New York State Tax Department website to see if you qualify.
Archyde: While the tax rates themselves remain unchanged, we’ve seen some adjustments to the income tax brackets and standard deductions. How will these changes affect taxpayers this year?
Brenda Carson: the changes to the tax brackets and standard deduction will provide some tax relief for New Yorkers across various income levels.The increased standard deduction means more people can take advantage of this simpler deduction option rather than itemizing. Always remember, it’s crucial to compare both options to determine what’s most beneficial for your individual circumstances.
Archyde: Amanda Hiller, the Acting Commissioner of the New York State Tax Department, emphasized the safety and security of using direct File. Would you agree?
Brenda Carson: Absolutely. Direct File is a secure and reliable system. When using online tax filing platforms, always ensure you’re on a legitimate website with strong security measures in place. Look for the HTTPS protocol and a padlock icon in your browser’s address bar.This indicates that your facts is being securely transmitted.
Brenda Carson: Don’t be afraid to seek help if you need it. If you’re unsure about any aspect of filing your taxes, reach out to a qualified tax professional. It’s better to be safe than sorry, and a professional can guide you through the process, ensuring you take full advantage of all available deductions and credits.
