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The New York Department of Taxation and Finance made a few changes to their 2018 tax laws.
Beginning with tax year 2018, the Tax Law allows you to itemize your deductions for New York State income tax purposes whether or not you itemized your deductions on your federal income tax return (federal Schedule A, Itemized Deductions). In general, your New York itemized deductions are computed using the federal rules as they existed prior to the enactment of the TCJA. Form IT-196 for itemized deductions replaced both Form IT-201-D and IT-203-D.
The New York State tax rate schedules have been adjusted to reflect the cost of living adjustment.
Taxpayers can now contribute to new voluntary contributions: Love Your Library Fund, Lupus Education and Prevention Fund, Military Family Relief Fund, and City University of New York Construction Fund.
Form IT-649 - Farm Donations to Food Pantries Credit has been added. A New York Charitable Gifts Trust Fund was created. Changes were made to the calculations for both the New York State Child and Dependent Care Credit and the Empire State Child Credit.
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I was able to file both federal and state taxes the day after I received my W-2. This means I can receive my refund fast. Fast and easily.
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