New incentives, uncapped credits headline 2024 tax filing season

SYRACUSE, N.Y. (WSYR-TV) — Well, it’s that time of the year again. That W2 is calling your name to be filed.

With the season underway, experts recommend getting it done as soon as possible.

“If you’re receiving a refund or if you owe and you can plan around if you have a balance due to the IRS or New York State,” said Robert Smith, the director of community outreach for the New York State Tax Department.

With a new tax season comes new incentives.

Those with student loans will get some much-needed relief.

“Student loans come right off the top of your taxable income if you’re in that threshold,” said Alan Johnston, a partner for Johnston Tax Services. “You want to put that down if you’re able to do that. Because unlike itemized deductions, that comes right off the top of your taxable income, and it can be very beneficial.”

Those with three or more family members have a chance at a larger family credit this year.

“The earned income tax credit for family members of three, with three dependents, can be as much as $11,000 this year,” said Smith.

If you’ve been trying to be green over the past year, you’re in luck.

Residential energy credits have been uncapped this year, meaning new credits are available.

“If you do anything around your house to save energy in your house like insulation, storm doors, new garage doors, things like that, there are more credits available,” said Johnston.

Lastly, watch out for any fraudulent callers.

“Taxpayers, if you are contacted and someone says they are calling you from the tax department or the IRS, do your due diligence to make sure that the person who is reaching out to you, particularly if they are reaching out for payment, that they are an employee of the tax department or IRS before you hand over your payment information,” said Smith.

According to Smith, you have to file this year in New York if you made over $4,000 and are not claimed as a dependent.

Click here for more information on the state’s new free file software.

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