Did You Know?

1. Did you know that you can earn so little that you can receive an earned income credit of more than $5000?

2. Did you know that you could live alone for the entire year and be able to file as head of household?

3. Did you know that as a non-resident NYC uniformed worker hired after January 4th, 1973 generally must complete a NYC-1127?

4. Did you know that you can claim college tuition as an AGI Adjustment, an itemized deduction, or a credit?

5. Did you know that long term care premiums may be taken as a deduction on the Federal return and a credit on New York state?

6. Did you know that a child between the ages of 4 and 16 may be worth 33% of the federal child tax credit on the NYS return?

7. Did you know that a noncustodial parent may get a credit for paying child support on the NYS tax return?

8. Did you know that if debt (for example, credit card debt) is cancelled, it is generally considered taxable income?

9. Did you know that you may be able to deduct gambling losses up to gambling winnings?

10. Did you know that you might be able to take a child and dependent care credit for a non-dependent or a person over 12?
If you have any questions, please e-mail us at: taxcity@hotmail.com or call us at (718) 859-4555 and we will be glad to clarify the answer.