Five Common Tax Deductions to Claim on 2024 Tax Returns

Tax deductions can lower taxable income, decrease tax liability, and potentially increase refunds. Above-the-line deductions reduce adjusted gross income, while below-the-line deductions are only available to itemizers. Common deductions include the Child Tax Credit, Student Loan Interest Deduction, Child and Dependent Care Credit, and Earned Income Tax Credit, offering financial relief to eligible taxpayers.

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