Tax Credits and Deductions

You may be able to get certain tax credits and deductions that will let you keep more of your hard-earned money.

  • A tax credit reduces the amount of income tax you may have to pay.
  • A tax deduction reduces the amount of your income that is subject to tax. In general, a deduction will reduce the amount of tax you may have to pay.

Credits for Working People (EITC)Credits for Families | Credits for Students | Credits for Retirement Savings | Tips for Homeowners | Breaks for Business Owners and the Self-Employed | Deductions for Teachers | Tips for Members of the Military | Tips for Victims of Disasters

Learn more about several tax credits and tax deductions available for people in the following situations:
Low to moderate income workers (EITC)
Did you know that one in five people who could claim the Tax Credit for Working People (EITC)  don’t? It’s your money, don’t leave it lying on the table! Find out if you’re eligible to qualify for the Earned Income Tax Credit (EITC) and pay less in taxes.

Families with children and/or their dependents
You could get up to $1,000 in taxes credits and qualify for money to help cover the costs of childcare  — which could mean money in your pocket — even if you don’t owe any taxes.  Learn more about the Child Tax Credit and Child and Dependent Care Credit

Students
Take advantage of tax credits that could help you pay tuition bills and stay focused on what matters: your schoolwork. Find out if you’re eligible for college education tax deductions and credits, like a student loan interest deduction.

Individuals saving for retirement
Did you know that you could reduce the federal income tax you pay by saving your money? Learn more about the Retirement Savings Contribution Credit.

Teachers
Have you spent your own money on books or school supplies for your students? If so, you can deduct those expenses and save money. Find out more about Tax Deductions for Teachers.

Homeowners
Are you a new homeowner? Or have you recently made improvements to your property? If so, you could  save hundreds or even thousands of dollars when filing your taxes. Learn more about Tax Tips for Homeowners.

Business owners and the self-employed
Every penny counts when you’re running your own small business! Keep more of your hard-earned money and learn more about Tax Breaks for Business Owners and Self-Employed

Victims of national disasters
Have you been a victim of a hurricane, flood, fire or other natural disaster? Get answers to some common tax questions and learn about potential tax relief available to you. Find out about Tax Deductions for Victims of Disasters.

Members of the armed forces
Did you know that you don’t have to include Veterans Administration disability benefits in your gross income when filing your taxes? Find answers to common questions about special tax benefits and rules for members of the military.

To keep more of your money at tax time, make sure you also find out about tax scams and services that you should avoid that could cost you hundreds of dollars.

Remember, the deadline to file your federal and state taxes is Tuesday, April 15, 2014.