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2. Before You File Your Taxes, Here Are 21 Tax Terms You ... - AOL

   www.aol.com/file-taxes-21-tax-terms-120049162.html

   The earned income tax credit (EITC) was designed to help lower-income families. You can qualify for the EITC if your earned income in 2023 was less than $63,398 (married filing jointly) or $56,838 ...

3. Nonbusiness Energy Property Tax Credit - Wikipedia

   en.wikipedia.org/wiki/Nonbusiness_Energy...

   (Unlike a deduction, which lowers taxable income, a tax credit reduces the actual tax paid, dollar-for-dollar.) This credit was added to the Internal Revenue Code by the Energy Policy Act of 2005. The nonbusiness energy property credit expired on December 31, 2017, but was retroactively extended for tax years 2018 and 2019 on December 20, 2019 ...

4. Income tax in the United States - Wikipedia

   en.wikipedia.org/wiki/Income_tax_in_the_United...

   Several types of credits reduce tax, and some types of credits may exceed tax before credits. Most business expenses are deductible. Most business expenses are deductible. Individuals may deduct certain personal expenses, including home mortgage interest , state taxes, contributions to charity, and some other items.

5. Alternative minimum tax - Wikipedia

   en.wikipedia.org/wiki/Alternative_minimum_tax

   Each year, high-income taxpayers must calculate and then pay the greater of an alternative minimum tax (AMT) or regular tax. [9] The alternative minimum taxable income (AMTI) is calculated by taking the taxpayer's regular income and adding on disallowed credits and deductions such as the bargain element from incentive stock options, state and local tax deduction, foreign tax credits, and ...

6. 15 Self-Employment Tax Deductions You Should Know - AOL

   www.aol.com/15-self-employment-tax-deductions...

   This deduction includes up to $23,000 as an employee, and up to 25% of net earnings (up to $45,000) for a total of $69,000 in deductions. This can massively lower your tax burden and save ...

7. 7 Biden-Backed Tax Incentives To See if You Qualify For ... - AOL

   www.aol.com/7-biden-backed-tax-incentives...

   The child tax credit, expanded significantly by the American Rescue Plan Act (ARP) for 2021, created the largest U.S. child tax credit ever and gave most working families $3,000 per child under 18 ...

8. Tax deduction - Wikipedia

   en.wikipedia.org/wiki/Tax_deduction

   A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable ...

9. EV Tax Credits: What’s New and Who Qualifies? - AOL

   www.aol.com/ev-tax-credits-qualifies-160845950.html

   Generally, you can either get a partial credit of $3,750 for a new electric vehicle purchase, the full $7,500 credit or $4,000 for a used EV tax credit. It’s a one-time credit, meaning you can ...