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You can use credits and deductions to help lower your tax bill or increase your refund.
- Credits can reduce the amount of tax due.
- Deductions can reduce the amount of taxable income.
Credits and deductions are available for individuals and businesses.
The Inflation Reduction Act of 2022 provides new and extended credit and deductions forindividuals andbusinesses, tax-exempt and government entities.
Inflation Reduction Act credits and deductions
All credits and deductions for individuals: Dependent care, healthcare, home expenses, work related expenses and more.
Employment credits
Employee retention credit—for businesses and tax-exempt organizations that had employees and were affected during the COVID-19 pandemic.
Work opportunity tax credit—tax credit available to employers for hiring and employing individuals from certain targeted groups.
Business credits
Business credits and deductions
Opportunity zones—an economic development tool that allows people to invest in distressed areas in the United States.