Taxpayers claim tax deductions or credits when filing their taxes every year. You can claim the standard tax deduction on IRS Form 1040. Anyone wishing to itemize their deductions will also have to fill in Schedule A
as well to list the deductions they qualify for.
It is always best to compare the amount of itemized deductions and standard deductions that you would get, because either one could be higher, depending on your circumstances. It’s wise to calculate all your deductions and get the taxable income using both approaches to deductions so you can determine which is best for you.
You also claim many tax credits through your annual tax return on Form 1040. Those who are filing for the earned income
tax credit should be sure to file Schedule EIC
, which allows you to get credit for your dependents too.