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Credits and Deductions
Credits and Deductions
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 ofyour income before you calculate the tax you owe_
Claim Federal Tax Credits and Deductions
Claim certain credits and deductionsonyourtax return and you may be able to get a larger refund, while others may give you
refund even ifyou don't owe anytax
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
Childand Dependent Care Credit
Tax Information for Rerirement Plans
Individual Retirement Arrangements (BAs}
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
eave Credit for Vaccines
Earned Income Tax Credit (EITCirelief
Deadllines extended forsponsors ofemployee
Charitable Contribution Deduction
[etiremenLplans
Relief for Withdrawals and Loans from Retirement
Increased Limits for Charitable Contributions
Plansand Individual Retirement Arrangement
Relief for Qualified Qpportunity_Fund Investors
KRA}
More for Buslnesses
More for Indlviduals
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