Body Advance Child Tax Credit Payments There have been important changes to the Child Tax Credit (CTC) that will help many families receive advance payments starting this summer. You can claim credits and deductions when you file your tax return. 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. Business Credits and Deductions Find credits and deductions for businesses. Claim Federal Tax Credits and Deductions Claim certain credits 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. Claim deductions on your tax return and you may be able to reduce the tax you owe. Credits for Individuals Family and Dependent Credits Advance Child Tax Credit Payments Child Tax Credit and Credit for Other Dependents Recovery Rebate Credit Earned Income Tax Credit Child and Dependent Care Credit Adoption Credit Credit for the Elderly or Disabled Income and Savings Credits Recovery Rebate Credit Earned Income Tax Credit Saver's Credit Foreign Tax Credit Excess Social Security and RRTA Tax Withheld Credit for Tax on Undistributed Capital Gain Nonrefundable Credit for Prior Year Minimum Tax Homeowner Credits Residential Energy Efficient Property Credit Low-Income Housing Credit (for Owners) Frequently Asked Questions on Capital Gains, Losses, and Sale of Home Health Care Credits Premium Tax Credit (Affordable Care Act) Health Coverage Tax Credit Education Credits American Opportunity Credit and Lifetime Learning Credit Deductions for Individuals Work Related Deductions Home Office Business Entertainment Expenses Employee Business Expenses Itemized Deductions Deductible Taxes State and Local Tax Deduction Limit Property Tax Real Estate Tax Sales Tax Charitable Contributions Gambling Loss Miscellaneous Expenses Interest Expense Home Mortgage Interest Moving Expenses Education Deductions Student Loan Interest Work-Related Educational Expenses Teacher Educational Expenses Health Care Deductions Medical and Dental Expenses Health Savings Account (HSA) Investment Related Deductions Sale of Home Individual Retirement Arrangements (IRAs) Capital Losses Bad Debt Opportunity Zones
