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New Home energy Credit for 2023 Through December 31, 2022, the energy efficient home improvement credit is a $500 lifetime credit. As amended by the IRA, the energy efficient home improvement credit is increased for years after 2022, with an annual credit of generally up to $1,200. Beginning January 1, 2023, the amount of the … Read More

GET READY TO HAVE YOUR REFUND LOWERED THIS TAX YEAR! THAT’S RIGHT. IF YOU ARE A FAMILY WITH CHILDREN UNDER AGE 18, YOUR CHILD TAX CREDIT WILL BE CAPPED AT $2000 THIS TAX YEAR INSTEAD OF THE MORE GENEROUS $3000 CREDIT FOR CHILDREN AGE 17 TO AGE 7 OR $3600 FOR CHILDREN UNDER AGE 7. … Read More

At the end of October, New York State will begin issuing taxpayers whose income under $50,000 on their 2021 NY return (Page 2, Line 19A) two stimulus checks. ­The first is for anyone who received the Empire State Child Tax Credit (Page 4, Line 63). The taxpayer may qualify for anywhere from 50% to a … Read More

EG Tax and Team simply wanted to let you know that the first day that the IRS and NYS are open for electronic filing is next Monday, 1-24-22.  However, if clients come in today or tomorrow, we can have them sign and they will be first in line when e-filing begins.  Some exciting tax changes … Read More

*There is a NEW Property Tax Credit for New York State Homeowners* The new credit is for tax year 2021 and 2022 and 2023, the credit is called the Real Property Tax Credit, NY IT 229. This credit is for taxpayers who pay more than 6% of their income for property taxes. The taxpayers cannot … Read More

To watch the recent interview with our very own Esther Gulyas, click here!

Advanced Child Tax Credit payments – You must know what you received before filing Any unemployment payments – You must go to the NYS unemployment website to get your 1099-G form or call the number listed for a mailed copy of the form Have you received all of your stimulus payments? Did you have a … Read More

6419 Letter – This is your Advance Child Tax payments.   The amount that is reported from the Internal Revenue Service MUST match what is on your return or your refund can be delayed for at least six months.   1095-A – This form is used if you have health insurance through the health care marketplace. … Read More

In 2021 the IRS changed the child to credit for taxpayers who make under $150,000.  The new law reads that for children under the age of (6) the taxpayer will receive a credit of $3,600, for children from 6 to including 17 the taxpayer will receive a credit of $3,000.  Please note the credit goers … Read More

Starting for Tax Year 2021 the Internal Revenue Service has changed how the Child and Dependent Care Credit is calculated and the impact of this change on your return. The new calculation for the credit is that for one child you receive a 50% credit of the first $8,000 spent on child care.  For two … Read More