{"id":4123,"date":"2024-01-31T16:49:04","date_gmt":"2024-01-31T16:49:04","guid":{"rendered":"https:\/\/tysllp.com\/?p=4123"},"modified":"2024-03-26T21:51:11","modified_gmt":"2024-03-26T21:51:11","slug":"tax-credits-and-deductions-for-individuals","status":"publish","type":"post","link":"https:\/\/tysllp.com\/tax-credits-and-deductions-for-individuals\/","title":{"rendered":"Tax credits and deductions for individuals"},"content":{"rendered":"\n<p>Tax credits and deductions change the amount of a person&#8217;s tax bill or refund. People should understand which\u00a0<a href=\"https:\/\/www.irs.gov\/credits-and-deductions-for-individuals\">credits and deductions<\/a>\u00a0they can claim and the records they need to show their eligibility.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-tax-credits\">Tax credits<\/h2>\n\n\n\n<p>A tax credit reduces the income tax bill dollar-for-dollar that a taxpayer owes based on their tax return.<\/p>\n\n\n\n<p>Some tax credits, such as the&nbsp;<a href=\"https:\/\/www.irs.gov\/credits-deductions\/individuals\/earned-income-tax-credit-eitc\">Earned Income Tax Credit<\/a>, are refundable. If a person&#8217;s tax bill is less than the amount of a refundable credit, they can get the difference back in their refund.<\/p>\n\n\n\n<p>To claim a tax credit, people should:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Keep records to show their eligibility for the tax credits they claim.<\/li>\n\n\n\n<li>Check now to see if they qualify to claim any credits next year on their tax return.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-deductions\">Deductions<\/h3>\n\n\n\n<p>Deductions can reduce the amount of a taxpayer&#8217;s income before they calculate the tax they owe.<\/p>\n\n\n\n<p>Most people take the&nbsp;<a href=\"https:\/\/www.irs.gov\/taxtopics\/tc551\">standard deduction<\/a>. The standard deduction changes each year for inflation. The amount of the standard deduction depends on a taxpayer&#8217;s filing status, age and whether they&#8217;re blind and whether the taxpayer is claimed as a dependent by someone else.<\/p>\n\n\n\n<p>Some people must\u00a0<a href=\"https:\/\/www.irs.gov\/taxtopics\/tc501\">itemize their deductions<\/a>, and some people may choose to do so because it reduces their taxable income more than the standard deduction. Generally, if a taxpayer&#8217;s itemized deductions are larger than their standard deduction, it makes sense for them to itemize.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-interactive-tax-assistant\">Interactive Tax Assistant<\/h2>\n\n\n\n<p>The IRS has a handy little tool called the<a href=\"https:\/\/www.irs.gov\/help\/ita\"> Interactive Tax Assistant<\/a> where you can find help in deciding if you are eligible for many popluar tax credits and deductions.<\/p>\n\n\n\n<p>As always, if you need a solid Tax Accountant for yourself or your business, TYS can act as your trusted advisor and accountant. Just reach out to us <a href=\"https:\/\/tysllp.com\/contact-us\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/tysllp.com\/contact-us\/<\/a><\/p>\n\n\n\n<p> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tax credits and deductions change the amount of a person&#8217;s tax bill or refund. People should understand which\u00a0credits and deductions\u00a0they can claim and the records they need to show their eligibility. Tax credits A tax credit reduces the income tax bill dollar-for-dollar that a taxpayer owes based on their tax return. Some tax credits, such as the&nbsp;Earned Income Tax Credit, &#8230; <a href=\"https:\/\/tysllp.com\/tax-credits-and-deductions-for-individuals\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":4125,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[9],"tags":[],"class_list":["post-4123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-accounting"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tax credits and deductions for individuals<\/title>\n<meta name=\"description\" content=\"Learn more about what you might be entitled to deduct and recieve in the form of tax credits in this article. 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