The Real Deal: Where does New York stand when it comes to taxes?

Caleb Silver at Investopedia is taking a look at what people are getting back from their taxes.

News 12 Staff

Mar 31, 2023, 11:34 AM

Updated 415 days ago

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New York may be the highest-taxed state for individual taxpayers, but there are ways you can save.
Caleb Silver at Investopedia is taking a look at what people are getting back from their taxes and where New York stands when it comes to taxes.
"Unfortunately the average refund is about 11% lower this year than it was last year, that is due to lower incomes. But also if you are living in the state of New York, you are living in the highest taxed state for individual taxpayers. Just looking at individual income tax, 4.7%, property taxes at 4.4%, and general sales tax 2.3%," says Silver.
So are there any ways to lessen the burden? News 12 checked in with Richard Rodriguez at Burns, Rodriguez and Associates.
"I see a lot of people not keeping track of receipts, especially in a state where you can itemize job expenses in New York and charitable donations," says Rodriguez.

If you make a donation in a drop box bin, grab a receipt. When it comes to work, Rodriguez says anything you are required to have and are not reimbursed is a deductible.
In addition, also take a look at medical expenses.

"Go to your drug store get your list of prescriptions for the year, your copays, our deductibles are met, I mean there are big bills out there that people aren't realizing," says Rodriguez.


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