🔑Deductions and credits help adjust taxable income and reduce taxes owed.
💼Educator expenses, alimony paid, and IRA contributions are deductions that could be applicable to you.
🎓Student loan interest deduction can help lower your tax liability.
💡Be aware of limitations and requirements for each deduction and credit.
💰Credits like the Child Tax Credit and Earned Income Tax Credit can provide significant tax savings.
What deductions can I claim to reduce my taxable income?
—You may be eligible to claim deductions such as educator expenses, alimony paid, and IRA contributions.
How can I lower my tax liability with credits?
—Credits like the Child Tax Credit and Earned Income Tax Credit can help reduce your tax liability.
Can I deduct student loan interest?
—Yes, you may be eligible to deduct student loan interest, which can help lower your taxable income.
What are the limitations for deductions and credits?
—Each deduction and credit has specific requirements and limitations, so it's important to understand the eligibility criteria.
Are there any tax credits for education expenses?
—There are education-related tax credits available, such as the American Opportunity Credit and Lifetime Learning Credit.
00:00Introduction to deductions and credits and their role in adjusting taxable income and reducing taxes owed.
05:00Explanation of deductions such as educator expenses, alimony paid, and IRA contributions.
10:30Overview of the student loan interest deduction and its importance in lowering taxable income.
15:45Discussion on the limitations and requirements for deductions and credits.
20:15Explanation of tax credits like the Child Tax Credit and Earned Income Tax Credit.
25:10Overview of education-related tax credits available for education expenses.
