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2. The 6 Most Important Tax Deductions You Need to Claim - AOL

   www.aol.com/finance/6-most-important-tax...

   1. Mortgage Interest Deduction. Unless you bought your home with cash or have paid off the mortgage, this tax deduction is probably a big one for you. It was extended through 2020 for filers who ...

3. What Are the 2020-2021 Federal Tax Brackets and Tax Rates? - AOL

   www.aol.com/finance/2020-2021-federal-tax...

   See: The 6 Most Important Tax Deductions You Need to Claim. 2020 Tax Bracket Thresholds and Marginal Rates. ... The 2021 maximum Earned Income Credit will be $6,728 in 2021, up from $6,660 in 2020.

4. Tax Deductions Explained (and Common Ones You Could Claim) - AOL

   www.aol.com/tax-deductions-explained-common-ones...

   Beginning in 2018, you can deduct state and local taxes up to $10,000 or $5,000 if you’re married filing separately. Those caps are for state and local income, property and sales taxes combined ...

5. Child tax credit (United States) - Wikipedia

   en.wikipedia.org/wiki/Child_tax_credit_(United...

   A tax credit enables taxpayers to subtract the amount of the credit from their tax liability. [d] In the United States, to calculate taxes owed, a taxpayer first subtracts certain "adjustments" (a particular set of deductions like contributions to certain retirement accounts and student loan interest payments) from their gross income (the sum of all their wages, interest, capital gains or loss ...

6. Earned income tax credit - Wikipedia

   en.wikipedia.org/wiki/Earned_income_tax_credit

   Tax credit equals $0.34 for each dollar of earned income for income up to $10,540. For income between $10,540 and $19,330, the tax credit is a constant "plateau" at $3,584. For income between $19,330 and $41,765, the tax credit decreases by $0.1598 for each dollar earned over $19,330. For income over $41,765, the tax credit is zero.

7. Tax deduction - Wikipedia

   en.wikipedia.org/wiki/Tax_deduction

   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 ...