Credits & Deductions

 

There are a variety of credits and deductions for individual taxpayers. The Earned Income Tax Credit and the Child and Dependent Care Credit help millions of families every year. There are also a number of credits for small and large businesses. You may have taken deductions when you prepared your annual tax return. In addition to the standard deduction for individuals, common deductions include home mortgage interest, state and local tax, and charitable contributions. Many business expenses are deductible as well.

Deductions for Individuals
 

Work-Related

  • Plug-in Electric Drive Motor Vehicle Credit
  • Plug-in Conversion Credit (Section 30B(i)
  • Deductible Business Expenses
  • Standard Mileage Rates
  • Home Office
  • Business Use of Car
  • Business Travel Expenses
  • Bad Debt
  • Business Entertainment Expenses
  • Depreciation and Amortization
 

Investments

  • Sale of Home
  • Individual Retirement Arrangements (IRAs)
  • Capital Losses

 

Education

  • Student Loan Interest
  • Tuition and Fees Deduction
  • Work-Related Educational Expenses
  • Teacher's Educational Expenses

 

Health Care

  • Medical and Dental Expenses
  • Health Savings Account (HSA)

 

Itemized Deductions

  • Standard Deduction
  • Deductible Taxes
  • Property Tax
  • Real Estate Tax
  • Sales Tax
  • Charitable Contributions
  • Gambling Loss
  • Miscellaneous Expenses
  • Interest Expense
  • Home Mortgage Interest
  • Union/Club Expenses
  • Moving Expenses

 

Miscellaneous Deductions

  • Alimony Paid
  • Casualty, Disaster and Theft Losses

Credits for Individuals

 

Family & Dependents

  • Earned Income Tax Credit
  • Child and Dependent Care Credit
  • Adoption Credit
  • Child Tax Credit
  • Credit for the Elderly or Disabled

 

Health Care

  • Premium Tax Credit (Affordable Care Act)

 

Income and Savings

  • 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
  • Credit to Holders of Tax Credit Bonds

 

Education

  • Lifetime Learning Credit
  • American Opportunity Tax Credit

 

Homeowners

  • Mortgage Interest Credit
  • Residential Energy Efficient Property Credit
  • Nonbusiness Energy Property Credit
  • Low-Income Housing Credit (for Owners)

 

Electric Vehicle Credit

  • Plug-in Electric Drive Motor Vehicle Credit
  • Plug-in Conversion Credit (Section 30B(i))
  • Alternative Fuel Vehicle Refueling Property Credit (Section 30C)
  • New Qualified Fuel Cell Motor Credit (Section 30B(b))

 

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