Yourfederal taxes are dueon April 18.
Read on to learn about the 13 biggest tax deductions and credits for 2021 and their eligibility requirements.
(Parents of newborns born in 2021 can also claim this credit in 2022.)
Dependents who are 18 years old can qualify for $500 each.
If you opted out of advance payments, you’re eligible for the full amount of the credit.
Lifetime learning credit
Thelifetime learning credit, or LLC, applies to higher education candidates.
The exact thresholds for 2021 tax returns were released in January 2022.
To qualify, you’ll need to provide proof of your expenses come tax time.
Here are the rates for the 2022 season:
2022 saver’s credit threshold
8.
Adoption tax credit
There are also benefits available for expenses related toadoption.
Medical and dental expenses
Even with insurance, you might have to pay for medical expenses out of pocket.
Possible expenses include:
Funeral expenses, over-the-counter medications and most cosmetic surgery can’t be deducted.
Residential energy credit
If you’re an energy-efficient homeowner, you could claim aresidential energy credit.
We’ll update the 2021 tax deduction limits as they become available.
you might also claim a tax deduction for making contributions to your HSA.
Contribution limits vary by your high-deductible health plan, your age and the date you become eligible.
Charitable contribution deductions
Charitable contributionsare one of the most common ways to get a tax deduction.
