The federal Tax Cuts and Jobs Act (TCJA)* which was enacted on December 22, 2017, made many changes that may affect you when filing your federal income tax return.
Since New York State's individual income tax return is based on your federal taxable income and your New York return follows many of the same rules that apply to your federal return, the TCJA changes also may affect your New York return.
This document addresses areas where New York's tax treatment of certain federal items of income and deductions will now differ for tax years 2018 and after:
- New York State itemized Deductions
- Alimony or Separate Maintenance Payments
- Qualified moving expenses reimbursement and moving expenses
- Change to the Empire State Child Tax Credit
- College Savings Account
*For information on these federal changes see, www.irs.qov/newsroom/individuals.
Joseph A. Adami is a CPA in Yorktown Heights, NY. Joe specializes in both person and small-to- medium-sized business tax and accounting preparation across all 50 states. For more information contact Joe at (914) 962-2352, email joeadamicpa@gmail.com or visit his website www.joeadamicpa.com.