A Taxpayer’s Guide to Exemptions, Deductions, and Credits

When filing your income taxes, each taxpayer is different. Some prefer reducing the taxes they owe and getting the most significant possible refund, while others work to keep the taxes they pay as low as legally required. The IRS provides a few ways taxpayers can reduce the taxes they owe if they qualify for certain exemptions, 扣除, 和信贷. Let’s take a closer look at what these are and how they could impact your tax return.

减税

Tax 扣除 reduce your taxable income, potentially lowering the taxes you owe. 一些例子包括:

医疗费用
房产税
慈善捐款
抵押贷款利率
已缴纳的州税
学生贷款利息

免税

Tax exemptions include income or transactions that are free from tax at the federal, 状态, 或者地方层面. 这些包括:

一些非营利组织
Specific veteran (for example, disabled veterans) and veterans’ organizations
Income from some types of investments like municipal bonds.

税收抵免

A tax credit is a provision that helps to lower a taxpayer’s tax bill dollar-for-dollar. This differs from tax exemptions and 扣除, which reduce taxable income as opposed to the tax bill directly. Tax credits are broken up into refundable and nonrefundable credits.

可退的税收抵免
These tax credits are “refundable” because if you qualify for the credit and the amount is larger than the tax you owe, 差额可以退给您. 可退还学分的例子包括:

劳动所得税抵免
额外的儿童税收抵免

In some cases, even if you don’t owe any tax, you may still be eligible for a refund. A financial professional can help you learn if any of these credits apply to you. For example, you wouldn't owe federal income taxes if you earned less than the standard deduction.

不可归还的贷款
并不是所有的税收抵免都是可退还的. 在处理不可退还的税收抵免时, 一旦纳税人的责任为零, they won't receive any refund from leftover amounts. Examples of nonrefundable tax credits include:

储蓄者的信用
采用信用
国外税收抵免
住宅节能物业信贷
终身学习学分
为老年人或残疾人提供信贷
一般商业信贷
机动车辆替代信贷

Many tax credits and types are available, and the amounts vary per tax year. All tax credits have qualifications the taxpayer must meet to receive the credit. 这些要求可能包括:

家庭规模
收入水平在规定范围内
纳税人必须有一定的劳动收入

When preparing your federal tax return, research current tax credits and determine eligibility. It might help to seek the assistance of a financial professional.

得到你需要的帮助

Since taxes can be complicated and your decisions impact your income tax return and financial goals, scheduling a meeting to consult your financial professional may be beneficial. They might have insight and strategies you have yet to think about that could help you make your money work for you and save on taxes. 要求免费咨询, 无论是面对面的还是虚拟的, with a Financial Advisor at 元素财富管理.

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重要的信息披露

The opinions voiced in this material are for general information only and 不 intended to provide specific advice or recommendations for any individual.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

来源

This article was prepared by LPL Marketing Solutions

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