"There are many types of tax deductions and credits available to taxpayers. There are adjustments to gross income or "Above the Line Deductions" that adjust gross income downwards such as, student loan interest, HSA contributions, Self-Employment Tax Deduction, and IRA contributions. Then there are itemized deductions or "Below the Line Deductions". These are deductions available after you have calculated your adjusted gross income. Some examples of below the line deductions are, medical care expenses, charitable donations, state and local taxes, and home mortgage interest. You can take itemized deductions or you can take the standard deduction based on your filing status, whichever one is greater. For credits, some of the most common ones are the Child Tax Credit, the Child and Dependent Care Credit, the Earned Income Tax Credit, and Energy Efficient Home Improvement Credit."

Credits can reduce the amount of tax due, while deductions can reduce the amount of taxable income. These include Earned Income Credits, Child Tax Credits, Education Credits, Clean Vehicle credits, Home Energy Credits, Standard, retirement and contributions deductions. Dependent care, healthcare, home expenses, work related expenses etc credits and deductions are available for individuals. Employment credits include Employee Retention Credit (for businesses and tax-exempt organizations that had employees and were affected during the COVID-19 pandemic) and Work Opportunity Tax Credit (tax credit available to employers for hiring and employing individuals from certain targeted groups).