Doing taxes probably isn't your idea of a good time. Deductions and credits are here to change your mind.
We'll start with some definitions.
Related: Tax Terms You Need to Know
It's a two-parter:
Be a 'whichever saves more money' person. Taking the standard deduction is nice and easy. But itemizing could help you avoid leaving money on the table. Look back at your receipts and do the math. Keep in mind: tax-code changes that went into effect last year nearly doubled the standard deduction, so it’s a high threshold to top.
Here's the Skimm on some popular federal ones.
You might also qualify for state and local tax credits. By doing things like installing an energy-efficient water heater and installing solar panels. Green recognize green.
Credits and deductions are the MVPs of tax season – giving you the discounts you deserve, and keeping more money in your wallet. Go team.
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