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:
Exemptions ($4,000 per dependent in the tax return, plus yourself and spouse):
Deductions (above Standard deduction) of $6,300* for Single or $12,600* Married:
Tax Credits:
Prepaid Taxes and Refundable Tax Credit:
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/
