As the end of the month approaches and you eagerly await those W-2 forms, it might be wise to hold off on filing your state income tax returns for a bit. This year, residents of West Virginia could benefit from a significant tax break when filing.
However, it’s important to note that you’ll need to wait for specific documentation to arrive in your mailbox before proceeding. Cabell County Assessor Irv Johnson highlights that certain possessions, such as boats and campers, are not eligible for the tax credit.
“The key point is that you must have made your payments on time,” Johnson explained. “If you paid late, unfortunately, you won’t qualify for the rebate.”
Understanding the Rebate Program
One crucial reminder from Johnson is to hold off on filing your state income taxes until you receive a letter from the West Virginia Tax Division. “The best part is that we’re getting our money back. It’s a substantial tax break for West Virginians,” Johnson noted.
“The downside is the paperwork involved. You’ve already paid your dues, and now you must wait for the state’s letter before you can file it with your income tax. Essentially, you have to pay it upfront to get it back.”
Discover how you can benefit from a groundbreaking rebate program that offers a dollar-for-dollar match on eligible vehicles, including cars, trucks, and motorcycles. This is an exciting opportunity to ease your financial burden while staying compliant with state tax requirements.
Timing is Key: Plan Ahead
According to Johnson, this rebate acts as a credit against your state tax. If you owe taxes, this credit will directly offset that amount, providing significant savings.
Johnson emphasizes the importance of timing in this program. If you missed the deadline in 2024, make sure to correct that in 2025, enabling you to effectively claim the credit in 2026. As Johnson notes, “Let’s learn from past mistakes and get back on track for 2025, because right now you’re going to receive the taxes you paid back in 2024. If you don’t pay on time, you won’t be eligible.”
As this is a new initiative, Johnson advises patience. The program is still evolving, and there may be additional communications regarding other vehicles, such as ATVs. Should you have any questions or require further clarification, Johnson recommends reaching out to the state. Their contact information will be included in the letter you receive by mail.