2007-03-13 22:27:53 -

POUGHKEEPSIE, N.Y., March 13 /PRNewswire/ -- Gilman Ciocia, a leading provider of federal, state and local tax planning and preparation services is reminding residents of New York State about five new and existing money-saving deductions available this year.

New York State residents may be entitled to the following deductions:

Home Heating System Credit: If an existing home heating system has an Energy Star labeled heating system in one's principal residence in New York State, one may be entitled to the 'home heating system credit'. The credit is available for tax years

beginning in 2006 and 2007 and is allowed for costs incurred after July 1, 2006, and before July 1, 2007, that are directly associated with the replacement of the existing home heating system. If one moves from one principal residence to another principal residence in the state, and one replaces the home heating system in each residence with a heating system that meets the conditions to qualify for this credit, the individual will be allowed a separate credit of up to $500 for each residence.

Solar Electric Generating Equipment Credit: The solar energy system equipment credit is allowed for the purchase and installation of an eligible solar energy system. The equipment must be installed and used at a principal residence in New York State. The credit will be allowed for the tax year in which the solar energy system equipment is placed in service. For solar energy system equipment placed in service between January 1, 2006, and before August 31, 2006, the credit is 25% (but not to exceed $3,750) of the qualified expenditures for the purchase and installation of a system that generates solar energy for residential use. For equipment placed in service on or after September 1, 2006, the credit is 25% (but not to exceed $5,000) of the qualified expenditures for the purchase and installation of a system that generates solar energy for residential use.

Empire State Child Credit: A full-year New York State resident may be entitled to the Empire State child credit if one has a qualifying child and has a federal child tax credit or a federal additional child tax credit (claimed on federal Form 1040 or Form 1040A) or if one's federal adjusted gross income is $110,000 or less if married filing a joint return; $75,000 or less and one's filing status is single, head of household, or qualifying widow(er); or $55,000 or less and the filing status is married filing separate returns. A qualifying child is a child who meets the definition of a qualifying child under the federal child tax credit (Internal Revenue Code section 24(c)) and is at least four years of age on December 31st of the tax year.

College Tuition Credit/Deduction: As a reminder, New York State can receive a percentage of the Federal College Tuition Credit. If an individual, spouse or dependent(s) were a student enrolled at or attending a higher-learning institution, they may be entitled to a college tuition credit which is available to full-year NYS residents only.

Long-term Care Insurance Credit: If an individual pays premiums for qualified long-term care insurance, they may be able to claim a credit for tax years beginning on or after January 1, 2002. The long-term care insurance credit is not refundable but any amount of credit or carryover of credit not deductible in the current tax year may be carried over to be deducted for the following year or years.

"Gilman Ciocia encourages all New York State resident taxpayers to take all legal deductions to which they are entitled, especially the newly established tax credits," said Michael Ryan, president and CEO of Gilman Ciocia. "Our company's aim is to inform and assist taxpayers to take full advantage of these and other tax savings opportunities now during tax season and throughout the year."

About Gilman Ciocia

Gilman Ciocia, Inc. is a leading provider of federal, state and local tax preparation services to individuals in New York, New Jersey, Pennsylvania and Florida. Founded in 1982, Gilman Ciocia caters to middle and upper income taxpayers who face an increasingly complicated tax code. Gilman Ciocia is a member of The National Association of Tax Professionals and is recognized among the Top 40 accounting firms nationwide in 2006 by Accounting Today Magazine. Visit http://www.gilcio.com/ or call 1-800-TAX-TEAM for more information and to find the office closest to you.

Samantha Rider Director, Public Relations Tel: 845.485.3338, ext. 4218 Email: samantha.rider@gilcio.com

Source: Gilman Ciocia, Inc.