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Credits and Deductions
Credits and Deductions
You can claim credits and deductions when
file your tax return. You may also qualify for certain coronavirus credits;
Individuals
deductions and relief:
Businesses
Self Employed
How Credits and Deductions Work
Tax credits and deductions can change the amount of taxyou owe so you pay less_
Credits can reduce the amount oftaxyou owe:
Deductions can reduce the amount of your income before you calculate the taxyou owe _
Claim Federal Tax Credits and Deductions
Claim certain credits and deductions on your tax return and you
'be able to get a larger refund, while others may give you
refund even if you don't owe any tax:
Individuals
Businesses and Self-Employed
Standard Deduction
Qpportunity_Zones
Earned Income Tax Credit_ EITC
Standard Mileage Rate
Child Tax Credit and Credit for Qther Dependents
Research Credit
Child and Dependent Care Credit
Jax_
Information for Retirement Plans
Individual Retirement Arrangements (RAs}
Coronavirus Credits, Deductions and Relief
Education Creditsand Deductions
Sickand Family_ Leave Credit
Coronavirus Credits, Deductions and Relief
Employee Retention Credit
Recovery_Rebate Credit
Paid Leave Credit for Vaccines
Earned Incone Tax Credit (EITCI relief
Deadlines extended for sponsors ofemployee
Charitable Contribution Deduction
retirementplans
Relief for Withdrawalsand Loans from Retirement
Increased Limits for Charitable Contributions
Plansand Individual Retirement Arrangement
Relief for Qualified Qpportunity_ Fund Investors
(IRA)
More for Businesses
More for Individuals
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