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Save money through these 13 Tax Breaks even if you apply now.

If you haven’t filed your taxes yet, there’s still time to take advantage of deductions and credits (Johnston, 2023).

  1. Child tax credit

In 2021, the new child tax credit becomes completely refundable. Each parent of a dependent who is at least 18 years old is eligible for $500.

  1. Credit for recovery rebates (for a missing stimulus payment)

If you missed a stimulus payment, or if you weren’t paid the full amount, you may be eligible for a refund.

  1. Earned income tax credit

It reduces the amount of taxes owed by low- to moderate-income workers and families.

  1. Lifetime learning credit

It is worth 20% of the first $10,000 you pay in qualifying higher education costs.

  1. American opportunity tax credit

It is exclusively for first-time college students. This credit is worth up to $2,500 and is partially refundable.

  1. Child and dependent care credit

You may be able to get a tax break or refund for child and dependent care expenses.

  1. Saver’s credit

You may qualify for the saver’s credit if you make contributions to an individual retirement account or employer-sponsored retirement plan.

  1. Adoption tax credit

It covers adoption fees, court costs, attorney fees, and other expenses.

  1. Medical and dental expenses

With insurance, you might have to pay for medical and dental expenses out of pocket.

  1. Residential energy credit

You may be eligible for a residential energy credit if your house is energy-efficient.

  1. Student loan interest deduction

If you paid interest on private loans or resumed federal student loan payments, you may qualify for a tax credit.

  1. Health savings account contribution

If you have a health savings account, contributions to it are not subject to federal income tax.

  1. Charitable contribution deductions

It is one of the most common ways to get a tax deduction.


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