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IRS Tax Tips January 4, 2024

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Issue Number:? Tax Tip 2024-01

*Tax credits and deductions for individuals*

Tax credits and deductions change the amount of a person?s tax bill or refund. People should understand which?credits and deductions [ [link removed] ]?they 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?Earned Income Tax Credit [ [link removed] ], are refundable. If a person?s tax bill is less than the amount of a refundable credit, they can get the difference back in their refund.

To claim a tax credit, people should:


* Keep records to show their eligibility for the tax credits they claim.
* Check now to see if they qualify to claim any credits next year on their tax return.

*Deductions
*Deductions can reduce the amount of a taxpayer's income before they calculate the tax they owe.

Most people take the?standard deduction [ [link removed] ]. The standard deduction changes each year for inflation. The amount of the standard deduction depends on a taxpayer's filing status, age and whether they're blind and whether the taxpayer is claimed as a dependent by someone else.?

Some people must?itemize their deductions [ [link removed] ], and some people may choose to do so because it reduces their taxable income more than the standard deduction. Generally, if a taxpayer's itemized deductions are larger than their standard deduction, it makes sense for them to itemize.

*Interactive Tax Assistant
*Find help with tax questions based on specific circumstances with the Interactive Tax Assistant [ [link removed] ]. It can help a person decide if they?re eligible for many popular tax credits and deductions.

*?**More information:*


* Tax credits for individuals: What they mean and how they can help refunds [ [link removed] ]
* Deductions for individuals: What they mean and the difference between standard and itemized deductions [ [link removed] ]

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