![]() ![]() Miscellaneous Deductions Subject to 2% AGI Floor. Residential Energy Efficient Property Tax Credit. ![]() Medical Expense Deduction (before extension and change) Health and Medical Savings Account Contributions But before we get there, we'll walk through some of the tax break changes and when it's worthwhile to file an amended return. If the list below sounds intimidating, have no fear because TurboTax tracks over 350 tax deductions and credits to ensure you get the biggest tax refund. This impacted taxes not only now and in the future, but also in the past. Most recently, during a tax reform enacted at the end of 2017, certain tax breaks have been changed, extended or even added. However, times change and with them, so do tax laws. In so doing, you're able to reduce your tax liability. In order to lower this overall tax liability, Congress has created several tax breaks (more formally known as tax credits and tax deductions) to entice taxpayers to make certain desirable actions. You pay income and capital gains taxes on any income earned or gains received, respectively. Young woman reviewing her financial and tax documents. ![]()
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December 2022
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