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Credits and Deductions

You can claim credits and deductions when you file your tax return. You may also qualify for certain coronavirus credits, deductions and relief.

How Credits and Deductions Work

Tax credits and deductions can change the amount of tax you owe so you pay less.

  • Credits can reduce the amount of tax you 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 able to get a larger refund, while others may give you a refund even if you don’t owe any tax.

 

Individuals

  • Standard Deduction
  • Earned Income Tax Credit – EITC
  • Child Tax Credit and Credit for Other Dependents
  • Child and Dependent Care Credit
  • Individual Retirement Arrangements (IRAs)
  • Education Credits and Deductions

Coronavirus Credits, Deductions and Relief

  • Recovery Rebate Credit
  • Earned Income Tax Credit (EITC) relief
  • Charitable Contribution Deduction
  • Relief for Withdrawals and Loans from Retirement Plans and Individual Retirement Arrangement (IRA)

More for Individuals

Businesses and Self-Employed

  • Opportunity Zones
  • Standard Mileage Rate
  • Research Credit
  • Tax Information for Retirement Plans

Coronavirus Credits, Deductions and Relief

  • Sick and Family Leave Credit
  • Employee Retention Credit
  • Paid Leave Credit for Vaccines
  • Deadlines extended for sponsors of employee retirement plans
  • Increased Limits for Charitable Contributions
  • Relief for Qualified Opportunity Fund Investors

More for Businesses

Inflation Reduction Act of 2022

The Inflation Reduction Act covers new and reinstated tax laws that provides credits and deductions for individuals, businesses, tax exempt and government entities.

  • Clean Vehicle Credit Seller or Dealer Requirements
  • Clean Vehicle Credit Qualified Manufacturer Requirements
  • Commercial Clean Vehicle Credit
  • Used Clean Vehicle Credit
  • Credits for New Electric Vehicles Purchased in 2022 or Before
  • Credits for New Clean Vehicles Purchased in 2023 or After
  • Manufacturers and Models of Used Qualified Clean Vehicles
  • Manufacturers and Models for New Qualified Clean Vehicles Purchased in 2022 or Before

For more information on the new legislation, see Credits and Deductions Under the Inflation Reduction Act of 2022.

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