{"id":1254,"date":"2024-04-01T13:42:54","date_gmt":"2024-04-01T13:42:54","guid":{"rendered":"https:\/\/cpcaccounting.com\/website\/?p=1254"},"modified":"2024-04-29T13:43:18","modified_gmt":"2024-04-29T13:43:18","slug":"ax-credits-and-deductions-for-individuals","status":"publish","type":"post","link":"https:\/\/cpcaccounting.com\/website\/2024\/04\/01\/ax-credits-and-deductions-for-individuals\/","title":{"rendered":"Tax Credits and Deductions for Individuals"},"content":{"rendered":"\n<p>Tax Credits<\/p>\n\n\n\n<p>A tax credit reduces the income tax bill dollar-for-dollar that a taxpayer owes based on their tax return.<\/p>\n\n\n\n<p>Some <a><\/a>tax credits, such as the Earned Income Tax Credit, are refundable. If a person\u2019s tax bill is less than the amount of a refundable credit, they can get the difference back in their refund.<\/p>\n\n\n\n<p>To claim a tax credit, people should:<\/p>\n\n\n\n<p>Keep records to show their eligibility for the tax credits they claim.<\/p>\n\n\n\n<p>Check now to see if they qualify to claim any credits next year on their tax return.<\/p>\n\n\n\n<p>Deductions<\/p>\n\n\n\n<p>Deductions can reduce the amount of a taxpayer\u2019s income before they calculate the tax they owe.<\/p>\n\n\n\n<p>Most people take the standard deduction. The standard deduction changes each year for inflation. The amount of the standard deduction depends on a taxpayer\u2019s filing status, age and whether they\u2019re blind and whether the taxpayer is claimed as a dependent by someone else.<\/p>\n\n\n\n<p>Some people must itemize their deductions, and some people may choose to do so because it reduces their taxable income more than the standard deduction. Generally, if a taxpayer\u2019s itemized deductions are larger than their standard deduction, it makes sense for them to itemize.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tax Credits A tax credit reduces the income tax bill dollar-for-dollar that a taxpayer owes based on their tax return. &#8230; <a class=\"cz_readmore\" href=\"https:\/\/cpcaccounting.com\/website\/2024\/04\/01\/ax-credits-and-deductions-for-individuals\/\"><i class=\"fa czico-188-arrows-2\" aria-hidden=\"true\"><\/i><span>Read More<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":1255,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/cpcaccounting.com\/website\/wp-json\/wp\/v2\/posts\/1254","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cpcaccounting.com\/website\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cpcaccounting.com\/website\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cpcaccounting.com\/website\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cpcaccounting.com\/website\/wp-json\/wp\/v2\/comments?post=1254"}],"version-history":[{"count":2,"href":"https:\/\/cpcaccounting.com\/website\/wp-json\/wp\/v2\/posts\/1254\/revisions"}],"predecessor-version":[{"id":1257,"href":"https:\/\/cpcaccounting.com\/website\/wp-json\/wp\/v2\/posts\/1254\/revisions\/1257"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cpcaccounting.com\/website\/wp-json\/wp\/v2\/media\/1255"}],"wp:attachment":[{"href":"https:\/\/cpcaccounting.com\/website\/wp-json\/wp\/v2\/media?parent=1254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cpcaccounting.com\/website\/wp-json\/wp\/v2\/categories?post=1254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cpcaccounting.com\/website\/wp-json\/wp\/v2\/tags?post=1254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}