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Table 1: Tax Savings by Income Group
Income Group | Average Tax Savings |
---|---|
Under $50,000 | $2,000 |
$50,000 - $100,000 | $3,500 |
$100,000 - $200,000 | $5,000 |
Over $200,000 | $7,000 |
Table 2: Top Tax Deductions for Individuals
Deduction | Amount |
---|---|
Mortgage Interest | Up to $750,000 |
State and Local Taxes | Up to $10,000 |
Charitable Contributions | Up to 50% of AGI |
Medical Expenses | Over 10% of AGI |
Retirement Contributions | Up to $19,500 |
Table 3: Common Tax Credits for Individuals
Credit | Amount |
---|---|
Earned Income Tax Credit | Up to $6,935 |
Child Tax Credit | Up to $2,000 per child |
Child and Dependent Care Credit | Up to $1,200 |
American Opportunity Tax Credit | Up to $2,500 |
Table 4: Tax Filing Deadlines
Filing Status | Due Date |
---|---|
Individual | April 15th |
Married Filing Jointly | April 15th |
Married Filing Separately | April 15th |
Head of Household | April 15th |
Corporation | March 15th |
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