01/23/2025
Here’s an updated list of the most common tax credits and deductions for the 2024 tax year:
Most Common Tax Credits
1. Child Tax Credit (CTC)
• Provides up to $2,000 per qualifying child under age 17. For 2024, the maximum refundable portion is $1,700 per child. 
2. Earned Income Tax Credit (EITC)
• Designed for low- to moderate-income workers. For the 2024 tax year, the maximum EITC amounts are:
• $632 for no children
• $4,213 for one child
• $6,960 for two children
• $7,830 for three or more children 
3. Education Credits
• American Opportunity Tax Credit (AOTC): Up to $2,500 for qualified education expenses for the first four years of college.
• Lifetime Learning Credit (LLC): Up to $2,000 per year for post-secondary education and skill development.
4. Child and Dependent Care Credit
• Covers a percentage of childcare or dependent care costs, with a maximum of $3,000 for one dependent or $6,000 for two or more.
5. Saver’s Credit
• Encourages retirement savings by offering a credit for contributions to IRAs or employer-sponsored retirement plans.
Top Deductions to Maximize Refunds
1. Standard Deduction
• For 2024, the standard deduction amounts are:
• $14,600 for single filers
• $29,200 for married couples filing jointly
• $21,900 for heads of household 
2. Mortgage Interest Deduction
• Allows deductions on interest paid on up to $750,000 of qualified mortgage debt.
3. State and Local Taxes (SALT)
• Deduct up to $10,000 of combined property, state income, and local sales taxes. Note: Discussions are underway regarding the repeal of the $10,000 cap on SALT deductions, which could affect future tax years. 
4. Charitable Contributions
• Deduct cash or non-cash contributions made to qualified organizations.
5. Medical and Dental Expenses
• Deduct unreimbursed expenses exceeding 7.5% of adjusted gross income (AGI).
6. Educator Expenses
• Teachers can deduct up to $300 for classroom supplies.
7. Student Loan Interest Deduction
• Deduct up to $2,500 in student loan interest if income limits are met.
8. Business-Related Deductions (for Self-Employed)
• Include home office expenses, business mileage, and health insurance premiums.
Please note that tax laws are subject to change. It’s advisable to consult with a tax professional or refer to the latest IRS publications for the most current information.
