Bookmark and Share [ [link removed] ]
a { color:#0073AF !important;} a:hover { color:#004673 !important;}
IRS.gov Banner
IRS Tax Tips December 1, 2022
Useful Links:
IRS.gov [ [link removed] ]
Help For Hurricane Victims [ [link removed] ]
________________________________________________________________________
News Essentials
What's Hot [ [link removed] ]
News Releases [ [link removed] ]
IRS - The Basics [ [link removed] ]
IRS Guidance [ [link removed] ]
Media Contacts [ [link removed] ]
Facts & Figures [ [link removed] ]
Around The Nation [ [link removed] ]
e-News Subscriptions [ [link removed] ]
________________________________________________________________________
The Newsroom Topics
Multimedia?Center [ [link removed] ]
Noticias en Espa?ol [ [link removed] ]
Radio PSAs [ [link removed] ]
Tax Scams/Consumer Alerts [ [link removed] ]
The Tax Gap [ [link removed] ]
Fact?Sheets [ [link removed] ]
IRS Tax Tips [ [link removed] ]
Armed Forces [ [link removed] ]
Latest News [ [link removed] ]
________________________________________________________________________
IRS Resources
Contact?Your Local IRS?Office [ [link removed] ]
Filing Your Taxes [ [link removed] ]
Forms & Instructions [ [link removed] ]
Frequently Asked Questions [ [link removed] ]
Taxpayer Advocate Service [ [link removed] ]
Where to File [ [link removed] ]
IRS Social Media [ [link removed] ]
?
________________________________________________________________________
Issue Number:? Tax Tip 2022-184
___________________________________________________________
*Reviewing tax credits and deductions now helps set taxpayers up for success at tax time*
Most people probably only think about tax credits and deductions when they?re completing their tax return. However, a little early planning can make for a smoother filing process. By familiarizing themselves now, taxpayers can have a clear understanding of which credits and deductions [ [link removed] ] make sense for them and the records needed to show their eligibility.
Here are a few facts about credits and deductions that can help with year-round tax planning.
*A few things to know about 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 is adjusted each year for inflation. The amount of the standard deduction depends on a taxpayer?s filing status, age, whether they?re blind, and whether the taxpayer is claimed as a dependent by someone else.
* Some people are required to itemize their deductions [ [link removed] ], and some people may choose to do so because it reduces their taxable income more than the standard deduction.
* As a general rule, if a taxpayer's itemized deductions are larger than their standard deduction, they should itemize.
* Taxpayers can use the Interactive Tax Assistant [ [link removed] ] to see what expenses they may be able to itemize.
*Things to know about tax credits*:
* Taxpayers can subtract tax credits [ [link removed] ] from the total amount of tax they owe.
* Some tax credits, like the earned income tax credit [ [link removed] ], are even refundable, which means a taxpayer could get a refund even if they don't owe any taxes.
* To claim a credit, taxpayers should keep records that show their eligibility for it. Properly claiming tax credits can reduce taxes owed and boost refunds.
* Taxpayers can check now to see if they qualify to claim any credits next year on their tax return.
*More information*:
Topic No. 501 Should I Itemize? [ [link removed] ]
Share this tip on social media -- #IRSTaxTip: Reviewing tax credits and deductions now helps set taxpayers up for success at tax time. [link removed]
Back to top [ #top ]
?
________________________________________________________________________
FaceBook Logo [ [link removed] ]??YouTube Logo [ [link removed] ] ?Instagram Logo [ [link removed] ]? Twitter Logo [ [link removed] ] ?LinkedIn Logo [ [link removed] ]
________________________________________________________________________
Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov [ [link removed] ].
This message was distributed automatically from the IRS Tax Tips mailing list. *Please Do Not Reply To This Message.*
?
________________________________________________________________________
Update your subscriptions, modify your password or email address, or stop subscriptions at any time on your Subscriber Preferences Page [ [link removed] ]. You will need to use your email address to log in. If you have questions or problems with the subscription service, please contact subscriberhelp.govdelivery.com [ [link removed] ].
This service is provided to you at no charge by the Internal Revenue Service (IRS) [ [link removed] ].
body .abe-column-block {min-height: 5px;} ________________________________________________________________________
This email was sent to
[email protected] by: Internal Revenue Service (IRS) ? Internal Revenue Service ? 1111 Constitution Ave. N.W. ? Washington DC 20535 GovDelivery logo [ [link removed] ]
body .abe-column-block { min-height: 5px; } table.gd_combo_table img {margin-left:10px; margin-right:10px;} table.gd_combo_table div.govd_image_display img, table.gd_combo_table td.gd_combo_image_cell img {margin-left:0px; margin-right:0px;}
