Child Tax Credit Increased Across New York For 2021

Good news for parents and guardians all across New York State. The child tax credit has increased from $2,000 per child to $3,000 per child.

According to News 10, parents will be able to take advantage of this tax credit in 2021. Parents of children under age 6 would be eligible for $3,600 total credit. The plan also includes $3,000 benefits to the parents of 17-year-olds who meet plan qualifications. Previously children had to be 16 or younger.

The child tax credit has increased from $2,000 per child to $3,000 per child. Parents of children under age 6 would be eligible for an even larger $3,600 total credit.

Also, this new tax plan for the year includes $3,000 benefits to the parents of 17-year-olds who meet plan qualifications too.

Here's how it works: for the standard $2,000 child tax credit, the phase-out starts at $400,000 if filing jointly. This is all thanks to the relief plan signed earlier this month, the additional credit will phase out for single filers at $75,000 and joint filers at $150,000.

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NEW YORK EXTENDS TAX DEADLINE FOR 2021

New York State is following the U.S. government when it comes to taxes this year. New York State has pushed its tax filing deadline to Monday, May 17, 2021. This extension matches the New York State tax filing deadline with the federal tax filing deadline. For both federal and New York State taxes, you will need to file by May 17, 2021.

The new deadline will give taxpayers more time to file and pay for taxes. If you do have to pay the Internal Revenue Service (IRS), you can delay the payment of any money owed until May 17. An extension can also be requested for returns until October 15. You will need to file form 4868. You can read more here.