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Credits and Deductions
Credits and Deductions
You can claim credits and deductions when you file your tax return: You may also qualify for certain coronavirus credits
Individuals
deductions and relief:
Businesses and 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 of taxyou owe:
Deductions can reduce the amount of your income before you calculate the tax you owe_
claim Federal Tax Credits and Deductions
Claim certain credits and deductions on your tax return and you may be ableto get a larger refund, while others may give you
a refund even ifyou don't owe any tax
Individuals
Businesses
Self-Employed
Standard Deduction
Opportunity Zones
Earned Income Tax Credit _ EITC
Standard Mileage Rate
Child
Credit and Credit for Other Dependents
Research Credit
Child and Dependent Care Credit
Tax Information for Retirement Plans
Individual Retirement Arrangements_(IRAs)
Coronavirus Credits, Deductions and Relief
Education Credits and Deductions
Sickand Family Leave Credit
Coronavirus Credits, Deductions and Relief
Employee Retention Credit
Recovery Rebate Credit
Paid Leave Credit for Vaccines
Earned Income
Credit (EITC) relief
Deadlines extendedfor sponsors ofemployee
Charitable Contribution Deduction
retirement plans
Relief for WithdrawalsandLoans from Retirement
Increased Limits for Charitable Contributions
Plans and Individual Retirement Arrangement
Relief for Qualified Opportunity Eund Investors
(IRAI
More for Businesses
More for Individuals
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