2021 – 06/24 With the 2021 tax year nearly half over, it’s a good time to review your eligibility for tax deductions and tax credits. To help you minimize your tax bill, the IRS is offering tips for year-round tax planning. Tax deductions lead to reduced taxable income. To find out if you can itemize deductions (rather than claim the standard deduction), use the Interactive Tax Assistant found in the link below. Tax credits can reduce the total tax you owe, but you should keep good records during the year to prove your eligibility. Some valuable tax credits have changed under recent law, including the child and dependent tax credits. Here’s more:
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