Tax Deductions on a Personal Return

Several ways to reduce your tax liability, by reducing your taxable income through  these “deductions” (which is a catch-all term for Adjustments, Deductions, Exceptions, and Credits):

Adjustments to Gross Income:
screen-shot-2016-09-29-at-9-53-36-am

Exemptions ($4,000 per dependent in the tax return, plus yourself and spouse):
screen-shot-2016-09-29-at-10-04-07-am

Deductions (above Standard deduction) of $6,300* for Single or $12,600* Married:

screen-shot-2016-09-29-at-9-55-28-am

 

Tax Credits:
screen-shot-2016-09-29-at-9-53-53-am

Prepaid Taxes and Refundable Tax Credit:
screen-shot-2016-09-29-at-9-59-46-am

 

This article is here to serve as reference to my clients when we discuss (“tax deductions”), on your personal return, please consult your tax preparer / CPA for your own particular situation.  For BUSINESS DEDUCTIONS, for a different article:
https://qbkaccounting.com/which-tax-deductions-can-i-take-for-my-business/

Hector Garcia

Hector Garcia

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