Millions of taxpayers depend each year on tax deductions and tax credits to cut their annual tax bills.
The main tax reduction strategy is claiming the standard or an itemized amount. Adjustments for the 2018 tax year to these tax write-offs were covered in Part 2 two of my annual tax inflation series.
But there are many other popular tax deductions and tax credits — ranging from Uncle Sam’s help for adopting children to paying for schooling to assisting commuters to supporting moderate- and lower-income workers — that filers can use.
Many of these tax breaks also are affected each year by inflation. Here’s how they’ll look in 2018.