{"id":55048,"date":"2022-12-05T14:52:18","date_gmt":"2022-12-05T22:52:18","guid":{"rendered":"https:\/\/lapost.us\/?p=55048"},"modified":"2022-12-05T14:52:18","modified_gmt":"2022-12-05T22:52:18","slug":"reviewing-tax-credits-and-deductions-now-helps-set-taxpayers-up-for-success-at-tax-time","status":"publish","type":"post","link":"https:\/\/lapost.us\/?p=55048","title":{"rendered":"Reviewing tax credits and deductions now helps set taxpayers up for success at tax time"},"content":{"rendered":"<p>IRS Tax Tip 2022-184<\/p>\n<p>Most people probably only think about tax credits and deductions when they&#8217;re completing their tax return. However, a little early planning can make for a smoother filing process. By familiarizing themselves now, taxpayers can have a clear understanding of which <a href=\"https:\/\/www.irs.gov\/credits-deductions-for-individuals\">credits and deductions<\/a> make sense for them and the records needed to show their eligibility.<\/p>\n<p>Here are a few facts about credits and deductions that can help with year-round tax planning.<\/p>\n<h2>A few things to know about deductions<\/h2>\n<ul>\n<li>Deductions can reduce the amount of a taxpayer&#8217;s income before they calculate the tax they owe.<\/li>\n<\/ul>\n<ul>\n<li>Most people take the\u00a0<a href=\"https:\/\/www.irs.gov\/taxtopics\/tc551\">standard deduction<\/a>. The standard deduction is adjusted each year for inflation. The amount of the standard deduction depends on a taxpayer&#8217;s filing status, age, whether they&#8217;re blind, and whether the taxpayer is claimed as a dependent by someone else.<\/li>\n<\/ul>\n<ul>\n<li>Some people are required to <a href=\"https:\/\/www.irs.gov\/taxtopics\/tc501\">itemize their deductions<\/a>, and some people may choose to do so because it reduces their taxable income more than the standard deduction.<\/li>\n<\/ul>\n<ul>\n<li>As a general rule, if a taxpayer&#8217;s itemized deductions are larger than their standard deduction, they should itemize.<\/li>\n<\/ul>\n<ul>\n<li>Taxpayers can use the\u00a0<a href=\"https:\/\/www.irs.gov\/help\/ita\">Interactive Tax Assistant<\/a>\u00a0to see what expenses they may be able to itemize.<\/li>\n<\/ul>\n<h2>Things to know about tax credits<\/h2>\n<ul>\n<li>Taxpayers can subtract\u00a0<a href=\"https:\/\/www.irs.gov\/credits-deductions-for-individuals\">tax credits<\/a>\u00a0from the total amount of tax they owe.<\/li>\n<\/ul>\n<ul>\n<li>Some tax credits, like the <a href=\"https:\/\/www.irs.gov\/credits-deductions\/individuals\/earned-income-tax-credit-eitc\">earned income tax credit<\/a>, are even refundable, which means a taxpayer could get a refund even if they don&#8217;t owe any taxes.<\/li>\n<\/ul>\n<ul>\n<li>To claim a credit, taxpayers should keep records that show their eligibility for it. Properly claiming tax credits can reduce taxes owed and boost refunds.<\/li>\n<\/ul>\n<ul>\n<li>Taxpayers can check now to see if they qualify to claim any credits next year on their tax return.<\/li>\n<\/ul>\n<h2>More information:<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.irs.gov\/taxtopics\/tc501\">Topic No. 501, Should I Itemize? <\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>IRS Tax Tip 2022-184 Most people&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-55048","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/55048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=55048"}],"version-history":[{"count":1,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/55048\/revisions"}],"predecessor-version":[{"id":55049,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/55048\/revisions\/55049"}],"wp:attachment":[{"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=55048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=55048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=55048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}