How Credits and Deductions Work It's important to determine your eligibility for tax deductions and tax credits before you file. Deductions can reduce the amount of your income before you calculate the tax you owe. Credits can reduce the amount of tax you owe or increase your tax refund. Certain credits may give you a refund even if you don't owe any tax. Credits for Individuals Family and Dependent Credits Child Tax Credit Does my child/dependent qualify for the Child Tax Credit or the Credit for Other Dependents? Schedule 8812, Credits for Qualifying Children and Other Dependents Child and Dependent Care Credit Child and Dependent Care Credit Publication 503, Child and Dependent Care Expenses Am I Eligible to Claim the Child and Dependent Care Credit? Earned Income Tax Credit Earned Income Tax Credit Am I eligible to claim EITC? Education Credits Tax Benefits for Education: Information Center American Opportunity Credit and Lifetime Learning Credit Adoption Credit Adoption Credit and Adoption Assistance Programs Am I Eligible to Claim a Credit for Adopting a Child? Clean Vehicle and Energy Credits Credits and Deductions Under the Inflation Reduction Act of 2022 Inflation Reduction Act of 2022 Form 5685, Residential Energy Credits Income and Savings Credits Saver's Credit (Retirement Savings Contributions Credit) Foreign Tax Credit Excess Social Security and RRTA tax withheld Credit for Tax on Undistributed Capital Gain Credit for Prior Year Minimum Tax Do I Qualify for the Retirement Savings Contributions Credit? Am I Eligible to Claim the Foreign Tax Credit? Homeowner Credits Publication 530, Tax Information for Homeowners Residential Energy Credits Do I Need to Repay the First-Time Homebuyer Credit? Health Care Credits Premium Tax Credit Am I Eligible to Claim the Premium Tax Credit? Deductions for Individuals Work Related Deductions Business expenses Business use of car Business use of home Form 2106, Employee Business Expenses Are my work-related education expenses deductible? Itemized Deductions Standard deduction and itemized deductions Deductible nonbusiness taxes Personal 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 Debt forgiven on my residence due to foreclosure, repossession, abandonment or because of a loan modification or short sale Business Credits and Deductions Find credits and deductions for businesses.
