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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 oftax You 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 taxyou owe_
Claim Federal Tax Credits and Deductions
Claim certain credits and deductions on your tax return and you may be able to get a larger refund, while others may give You
refund even ifyou don't owe any tax
Individuals
Businesses and Self-Employed
Standard Deduction
Qpportunity_Zones
Earned Income_Tax Credit_EIIC
Standard Mileage Rate
Child Tax Credit and Credit for Qther Dependents
Research Credit
Childand Dependent Care Credit
Tax lnformation for Retirement
Individual Retirement Arrangements_(IAsl
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_Tax Credit (EITC)relief
Deadlines extendedfor sponsors ofemployee
Charitable Contribution Deduction
retirement plans
Relief for Withdrawals and Loans from Retirement
Increased Limits for Charitable Contributions
Plans and Individual Retirement Arrangement
Relief for Qualified Qpportunity_Fund Investors
(RA)
More for Businesses
More for Individuals
Plans