Answers
Annual Income - $50,000. Tax year considered: 2019.
The best way to maximize your tax savings is to File Returns Jointly with your Spouse. This gives the highest standard deduction of $ 24,400.
If your standard deduction is less than the sum of your itemized deductions, you should itemize and save tax.
Some of the easily available Tax deductions and Credits are as follows:-
> American Opportunity Tax Credit - This lets you claim all of the first $2,000 you spent on tuition, books, equipment and school fees — but not living expenses or transportation.
> Deduct up to $2,500 from your taxable income if you paid interest on your student loans.
> Child and dependent care tax credit.
> Child Tax Credit.
> Adoption Credit.
> Charitable donations deduction.
> Medical expenses deduction.
> Deduction for state and local taxes, including Property taxes.
> Mortgage interest deduction.
> Contributions to Health Saving Account or a traditional IRA.
There are many such Tax Deductions and Tax Credits available when you file itemized return.
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