Question

How and what you spend your money on affects the tax deductions and credits that you’re eligible for. Visit the IRS website to see descriptions of the various tax credits and tax deductions currently offered.
If you could propose a tax credit or a deduction for an expense that isn’t currently on the list, what would it be? Would you propose it as a credit or a deduction? Why you think individuals should receive a credit or deduction for this expense?

Answer 1

The tax credits and tax deductions currently offered include child tax credit, dependent care tax credit, etc.

What is a tax?

It should be noted that a tax simply means rte compulsory levy that is paid by individuals and businesses to the government.

In this case, some of the tax credits and tax deductions currently offered include child tax credit, dependent care tax credit, etc.

If I can propose a tax credit or a deduction for an expense that isn’t currently on the list, it'll be a tax credit for aged people. This is important to help in relieving them of the burden of tax.

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