Residents of this state can expect a brand new payment coming their way. While tax season may have officially ended in April, some states are still well underway with distributing tax benefits and rebates back to their residents. While the grand majority of federal income tax rebates have been paid out to eligible citizens by this point, eligible residents of this state can expect a tax surprise from their local government, just in time to cover those last-minute back-to-school expenses.
Always check to see if you can claim back
While tax season can be a daunting time for many, it can also be surprisingly rewarding if you play your cards right. Many taxpayers are not aware of the tax benefits they can take advantage of when it comes to claiming back from the Internal Revenue Service (IRS). This means that you miss out on valuable tax deductions and credits, which can amount to a substantial sum if you claim back for all the benefits you may qualify for.
While some tax credits are relatively well known, such as the Child Tax Credit and the Additional Child Tax Credit, taxpayers can also make deductions on their tax liability for student loans, medical expenses, retirement contributions, and charitable donations. This lack of public awareness highlights the complexity of navigating the tax system, highlighting the need to have increased taxpayer education interventions, professional tax assistance, or implement the use of reliable and user-friendly tax software for taxpayers.
$1,750 to land in these taxpayers’ bank accounts tomorrow
In addition to the complex federal income tax landscape, residents also have the added challenge of understanding the tax laws relevant to their own state. Depending on where you live in the county, you may be subject to different tax requirements as well as unique tax credits and benefits you can be eligible to claim back from your local taxation authorities.
Following this, if you are a resident of New Jersey, you may just have a new tax benefit hitting your bank account from the New Jersey Division of Taxation tomorrow. The first payments land tomorrow for the state’s Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program. ANCHOR is intended to bring property tax relief to homeowners and renters in the state.
The maximum payment you can receive out of the program is $1,750. To receive this payment, you need to meet the following critiera:
- Your 2024 gross income must be less than $150,000 to receive the principal payment of $1,500
- You must be 65 years or older to receive an additional rebate of $250
Deadline to apply to receive your payment
While the ANCHOR payments will begin to be distributed from tomorrow for renters and homeowners who have already applied to be part of the program, the deadline to apply to receive your property tax credit is October 31 of this year. To be eligible to take part, you need to ensure that your gross household income does not exceed $250,000 for homeowners and $150,000 for renters.
Other payments, which are expected to hit the bank accounts of eligible residents in the next few weeks, are for eligible residents of Alaska. These payments are for the state’s Permanent Fund Dividend (PFD), which offers eligible residents to share in the profits the state generates from its annual oil and precious mineral reserves.
This year’s payment amounts to $1,702, and the state has already begun distributing payments to residents since August. The next payment will be released on October 2 for those residents whose payment application status reads as “Eligible-Not Paid” by September 18. The last payment was just distributed on September 11 to beneficiaries whose payment status read as “Eligible-Not Paid” by September 3. The final payment date is scheduled for October 23.
Disclaimer: Our coverage of stimulus checks, tax reliefs, tax rebates, tax credits, and other payments is based on the official sources listed in the article. All payment amounts and dates, as well as eligibility requirements, are subject to change by the governing institutions. Always consult the official source we provide to stay up to date and obtain information for your decision-making.
