10 Overlooked Tax Credits and Deductions for 2023

We all want to find legal ways to reduce our taxes. This, of course, also includes your clients. Beyond the standard deduction, mortgage interest deductions, charitable donations, state and local tax deductions and deductions for medical expenses are among the most common. In addition, a number of other deductions and credits might benefit some of your clients. Several of these items are specific to particular situations, but they may be beneficial for clients who are in a position to take advantage of one or more. Remember, a credit can be more valuable than a deduction in some cases since it is a direct reduction in the amount of tax owed. If any of these 10 deductions or credits, or others that are out there, would be beneficial to your clients, be sure to discuss it with them and urge them to bring it up with their tax professional.