{"id":4358,"date":"2022-12-01T10:26:02","date_gmt":"2022-12-01T16:26:02","guid":{"rendered":"https:\/\/cookco.us\/news\/?p=4358"},"modified":"2022-12-01T10:26:10","modified_gmt":"2022-12-01T16:26:10","slug":"tax-credits-and-deductions","status":"publish","type":"post","link":"https:\/\/cookco.us\/news\/tax-credits-and-deductions\/","title":{"rendered":"Tax Credits and Deductions"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Here are a few facts about credits and deductions&#8230;<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A few things to know about deductions<\/strong>:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Deductions can reduce the amount of a taxpayer\u2019s income before they calculate the tax they owe.<\/li>\n\n\n\n<li>Most people take the <a href=\"https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjgsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjEyMDEuNjc0ODg2MDEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3RheHRvcGljcy90YzU1MSJ9.O6LApYG8gtmp2nyNIEwOFN8o1luXYYk63ZPAN4TKSxk\/s\/7110380\/br\/149273406881-l\" target=\"_blank\" rel=\"noreferrer noopener\">standard deduction<\/a>. The standard deduction is adjusted each year for inflation. The amount of the standard deduction depends on a taxpayer\u2019s filing status, age, whether they\u2019re blind, and whether the taxpayer is claimed as a dependent by someone else.<\/li>\n\n\n\n<li>Some people are required to <a href=\"https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjksInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjEyMDEuNjc0ODg2MDEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3RheHRvcGljcy90YzUwMSJ9.2LW2y0PNQarQIj4WLUYCE2c3oT84OaagAKBZpK65xnw\/s\/7110380\/br\/149273406881-l\" target=\"_blank\" rel=\"noreferrer noopener\">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\n\n\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\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"684\" src=\"https:\/\/cookco.us\/news\/wp-content\/uploads\/2022\/12\/tax-deduction-1024x684.jpg\" alt=\"Tax Deductions\" class=\"wp-image-4360\" srcset=\"https:\/\/cookco.us\/news\/wp-content\/uploads\/2022\/12\/tax-deduction-1024x684.jpg 1024w, https:\/\/cookco.us\/news\/wp-content\/uploads\/2022\/12\/tax-deduction-350x234.jpg 350w, https:\/\/cookco.us\/news\/wp-content\/uploads\/2022\/12\/tax-deduction-1536x1025.jpg 1536w, https:\/\/cookco.us\/news\/wp-content\/uploads\/2022\/12\/tax-deduction.jpg 2000w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Things to know about tax credits<\/strong>:<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Taxpayers can subtract <a href=\"https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzEsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjEyMDEuNjc0ODg2MDEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2NyZWRpdHMtZGVkdWN0aW9ucy1mb3ItaW5kaXZpZHVhbHMifQ.YmK_X8jRv0yBzjLlAdEOTJpHrFhHX4hMkxYA2IaivC0\/s\/7110380\/br\/149273406881-l\" target=\"_blank\" rel=\"noreferrer noopener\">tax credits<\/a> from the total amount of tax they owe.<\/li>\n\n\n\n<li>Some tax credits, like the <a href=\"https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzIsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjEyMDEuNjc0ODg2MDEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2NyZWRpdHMtZGVkdWN0aW9ucy9pbmRpdmlkdWFscy9lYXJuZWQtaW5jb21lLXRheC1jcmVkaXQtZWl0YyJ9.g6GbVGsE3AvrhmDaphJFhJ4rzmYHE_bu1ZAL1x9ax_E\/s\/7110380\/br\/149273406881-l\" target=\"_blank\" rel=\"noreferrer noopener\">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\n\n\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\n\n\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","protected":false},"excerpt":{"rendered":"<p>Here are a few facts about credits and deductions&#8230; A few things to know about deductions: Things to know about tax credits:<\/p>\n","protected":false},"author":1,"featured_media":4359,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"2022-12-01T16:24:30Z","apple_news_api_id":"a622f59d-fcf9-4fb6-90b0-5e4df001c509","apple_news_api_modified_at":"2022-12-01T16:24:30Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/ApiL1nfz5T7aQsF5N8AHFCQ","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-4358","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax"],"apple_news_notices":[],"_links":{"self":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/posts\/4358","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/comments?post=4358"}],"version-history":[{"count":0,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/posts\/4358\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/media\/4359"}],"wp:attachment":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/media?parent=4358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/categories?post=4358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/tags?post=4358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}