The Child Tax Credit offers families with children up to 17 a substantial tax break, worth up to $2,000 per child, contingent on income eligibility.
Home office deductions have risen as remote work becomes customary, allowing claims for rent, equipment, and hardware expenses associated with home offices.
Tax credits differ from tax deductions in that they provide a dollar-for-dollar reduction of tax owed, making them more beneficial in lowering tax liability.
The 2024 Tax Deductions search term ranks highly, indicating individuals are proactively seeking information on potential deductions as tax season approaches.
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