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Video: What Are Tax Breaks?

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • October 16, 2024 1:41 AM
OVERVIEW

Tax breaks refer to any applicable tax laws that reduce the amount of taxes you owe at the end of the year. Find out which tax breaks apply to you with information from TurboTax in this video on annual tax filing.

TABLE OF CONTENTS

Video transcript:

Hello, I'm Jeremy from TurboTax with some information about the various tax breaks available to you.

The term tax break covers any tax law that can reduce the amount of tax you owe at the end of the year. Common tax breaks include deductions, credits and exemptions. Not all tax breaks offer the same level of savings.

The most valuable of the three is a tax credit because it reduces the amount of tax you owe on a dollar for dollar basis. This means that if at the end of the year you owe $10,000 in taxes, claiming a $1,000 tax credit reduces your tax bill to $9,000.

Tax credits also come in two forms, refundable and nonrefundable. A refundable credit can provide you with a tax refund if it equals more than the amount of tax you owe. Whereas a nonrefundable credit does not provide any benefit beyond reducing your actual tax liability.

The more commonly claimed tax breaks are deductions and exemptions. A tax exemption is a standard amount you can subtract from your taxable income for each dependent you report on your tax return. It is the same amount for all taxpayers.

A tax deduction, on the other hand, relates to an actual expense you paid during the year such as mortgage interest and medical expenses. Tax deductions let you offset the cost by subtracting a percentage of them from your taxable income. By lowering your taxable in come, you lower the amount you pay in tax.

With TurboTax Live Full Service, a local expert matched to your unique situation will do your taxes for you start to finish. Or, get unlimited help and advice from tax experts while you do your taxes with TurboTax Live Assisted.

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~37% of filers qualify. Simple Form 1040 returns only (no schedules except for Earned Income Tax Credit, Child Tax Credit and student loan interest).

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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Examples of situations included in a simple Form 1040 return (assuming no added tax complexity):

  • W-2 income
  • Interest, dividends or original issue discounts (1099-INT/1099-DIV/1099-OID) that don’t require filing a Schedule B
  • IRS standard deduction
  • Earned Income Tax Credit (EITC)
  • Child Tax Credit (CTC)
  • Student loan interest deduction
  • Taxable qualified retirement plan distributions

Examples of situations not included in a simple Form 1040 return:

  • Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and local tax deductions
  • Unemployment income reported on a 1099-G
  • Business or 1099-NEC income (often reported by those who are self-employed, gig workers or freelancers)
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  • Income from rental property or property sales
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