It’s here- tax season! While you may not be able to avoid paying all taxes, there are tax breaks that allow you to lower your 2021 tax bill. Tax deductions lower your taxable income. That is how much of your income you actually pay tax on. Tax credits are a dollar-for-dollar reduction to your tax bill. Here are 7 tax credits and deductions you probably didn’t even know about.
- Residential Energy Efficient Property Credit
- Credit for Sick Leave for Self-Employed Individuals
- Credit for Family Leave for Self-Employed Individuals
- Electric Plug in Vehicle Credit
- Olympic Medals
- Whistleblower’s of Tax Violations
- Gambling Losses
For more information contact info@onealcpa.net or www.irs.gov
