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IRS Tax Tips June 22, 2022
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Issue Number:?Tax Tip 2022-95
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*Year-round tax planning: All taxpayers should understand eligibility for credits and deductions*
Tax credits and deductions can help lower the amount of tax owed. All taxpayers should begin planning now [ [link removed] ] to take advantage of the credits and deductions they are eligible for when they file their 2022 federal income tax return next year.
*Here are a few facts that can help taxpayers with their year-round tax planning*:
* Adjusted Gross Income, or AGI, is a taxpayer?s total gross income minus specific deductions that can reduce the taxpayer?s income before calculating tax owed. AGI is the starting point for calculating taxes and determining a taxpayer?s eligibility for certain tax credits and deductions that can help lower their tax bill.
* Taxable income [ [link removed] ] is a taxpayer?s AGI minus the?standard deduction [ [link removed] ] or itemized deductions [ [link removed] ], whichever is greater.
* The standard deduction is a set dollar amount that reduces taxable income. Most taxpayers have a choice of either taking a standard deduction or itemizing their deductions and using the option that lowers their tax the most.
* Properly claiming tax credits [ [link removed] ] can reduce taxes owed or boost refunds.
* Some tax credits, like the earned income tax credit [ [link removed] ], are refundable, which means an eligible taxpayer can get money refunded to them even if they don't owe any taxes.
* To claim a deduction or credit, taxpayers should keep records that show their eligibility for it.
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