Tax deductions and credits can be the key to a big tax refund, but knowing what applies to you can sometimes be confusing.
Here are some popular tax benefits to inquire about.
Students
For students or those who have student loans there are a couple of tax credits and deductions that might apply.
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Student loan interest deduction allows borrowers to write off up to $2,500 from their taxable income if they paid interest on their student loans.
The American opportunity tax credit lets you claim all of the first $2,000 you spent on tuition, books, equipment and school fees.
Parents
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The child tax credit is for families with children under 17 years old that meet income requirements. The credit gives up to $2,000 per child, with $1,600 of it being potentially refundable. That amount could increase to $1,800 in 2023 taxes if the Senate approves the Tax Relief for American Families and Workers Act.
For child-care expenses, thechild and dependent care credit covers a percentage of day care for children younger than 13. It can also be applied to a spouse, parent or dependent that is unable to take care of themselves.
Home improvement
Those who made upgrades to their homes like energy-efficient window, doors or heat pumps ask a tax professional about the energy efficient home improvement tax credit. It can put up to $3,200 back in your pocket.
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