Are you getting the most money out of your Nebraska tax return this year?
LINCOLN, Neb. (KLKN) – This year, taxes are due by midnight on Tuesday.
That’s because April 15 fell on a weekend, and Monday was a holiday in Washington, D.C.
But there’s a chance you could be missing out on a lot of money.
Bob Bryant is a certified public accountant with Bryant, Katt and Associates and has seen it before in his 52 years on the job.
“Too many people wait until the last minute and try to file, probably make more mistakes and have to file corrected tax returns,” Bryant said.
Nebraska provides refundable credits for property taxes paid to school districts and community colleges during 2022.
“There’s a lot of talk about it, but there’s still a lot of people that don’t take it,” Bryant said. “When we have a new customer come in, maybe 75% missed it. The first year, less than 40% of the people claimed it. Last year, barely over 50%.”
It isn’t too late to see if you qualify.
You can apply for the credit going back to school district property taxes paid in ’20 and ’21.
For those doing taxes with a software, there’s a part that offers you the credit.
You have to put in your property parcel number and the amount you paid toward your public school district and community college, all of which should be broken down in the notice you get from your county treasurer.
“It’s an enormous amount of money,” Bryant said. “You know, a big farmer might pay $50,000 in real estate taxes, so 20% of that is $10,000 coming back.”
A separate form for an amended tax credit would need to be filed for each year to claim this money:
- 2022 Amended Nebraska Property Tax Form
- 2021 Amended Nebraska Property Tax Form
- 2020 Amended Nebraska Property Tax Form
Those property tax credits may be claimed by an individual, C-corporation, financial institution or organization exempt from income tax.
Not only are property tax credits misunderstood, but so are tax extensions.
The biggest misconception, Bryant said, is that even if you get an extension on filing your taxes, the money is still due come Tax Day.
“That’s not very well understood,” Bryant said. “People call and say, ‘I need an extension because I can’t pay my tax.’ It’s the opposite. You got to pay your tax, and then you can extend.”
For more, visit the Nebraska Department of Revenue’s website.
