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Tax credits and deductions for individuals

Tax credits and deductions change the amount of a person’s tax bill or refund. People should understand which credits and deductions they can claim and the records they need to show their eligibility. Tax credits A tax credit reduces the income...

  • January 15, 2024

Tax Credits for Used Clean Vehicles

Here is a video tax tip from the IRS: Tax Credits for Used Clean Vehicles English | Spanish Subscribe today: The IRS YouTube channels provide short, informative videos on various tax related topics. www.youtube.com/@irsvideos www.youtube.com/@irsmultilingual www.youtube.com/@irsvideosASL

  • August 18, 2023

Reviewing tax credits and deductions now helps set taxpayers up for success at tax time

Most people probably only think about tax credits and deductions when they’re completing their tax return. However, a little early planning can make for a smoother filing process. By familiarizing themselves now, taxpayers can have a clear understanding of...

  • December 1, 2022

Parents can boost their back-to-school budget by claiming tax credits and refunds

Summer is slipping away and another school year is starting. As kids head back to the classroom, parents are ticking items off the school supply list. If they want to boost their back-to-school budgets, parents and guardians should make...

  • August 31, 2022

College students should study up on these two tax credits

Anyone pursuing higher education, including specialized job training and grad school, knows it can be pricey. Eligible taxpayers who paid higher education costs for themselves, their spouse or dependents in 2021 may be able to take advantage of two education...

  • August 15, 2022

New credits fund employers for Coronavirus-related paid leave

The Families First Coronavirus Response Act provides tax credits to reimburse employers for the costs of providing paid sick leave and paid family and medical leave to employees unable to work because of the coronavirus (COVID-19). These credits are...

  • May 18, 2020

COVID-19 paid leave tax credits for small and midsize businesses

Small and midsize employers can claim two new refundable payroll tax credits. The paid sick leave credit and the paid family leave credit are designed to immediately and fully reimburse eligible employers for the cost of providing COVID-19 related...

  • May 11, 2020

Get ready for taxes: Important things to know about refunds

WASHINGTON – As tax filing season approaches, the Internal Revenue Service cautions taxpayers not to rely on receiving their refund by a certain date, especially when making major purchases or paying bills. Some tax returns may require additional review...

  • November 27, 2019

If You Missed the Tax Deadline These Tips Can Help

April 15 has come and gone. If you didn’t file a tax return or an extension but should have, you need to take action now. Here are some tips for taxpayers who missed the tax filing deadline: • File...

  • April 16, 2015