Tax Tip 2024-01: Tax credits and deductions for individuals
Internal Revenue Service (IRS) sent this bulletin at 01/04/2024 11:09 AM EST
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Issue Number: Tax Tip 2024-01
Tax credits Some tax credits, such as the Earned Income Tax Credit, are refundable. If a person’s tax bill is less than the amount of a refundable credit, they can get the difference back in their refund. To claim a tax credit, people should:
Deductions Most people take the standard deduction. The standard deduction changes each year for inflation. The amount of the standard deduction depends on a taxpayer's filing status, age and whether they're blind and whether the taxpayer is claimed as a dependent by someone else. Some people must itemize their deductions, and some people may choose to do so because it reduces their taxable income more than the standard deduction. Generally, if a taxpayer's itemized deductions are larger than their standard deduction, it makes sense for them to itemize. Interactive Tax Assistant More information:
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