What is a Tax Credit or Deduction?
Both tax credits and deductions have the same end result: Generally, they reduce the amount of income tax you may have to pay.
The difference is that a tax credit directly reduces the amount of tax you might have to pay.
A tax deduction does this indirectly by reducing the amount of your income that is subject to tax in the first place.
Can MyFreeTaxes Help Me Find Out If I'm Eligible?
MyFreeTaxes uses simple tax preparation software from H&R Block. Once you begin your free filing, the software will guide you to identify tax credits and deductions you may be eligible for.
What Kinds of Situations Qualify?
Low- to moderate-income workers (EITC)
Did you know that one in five people who could claim the Tax Credit for Working People (EITC) don’t? It’s your money — don’t leave it lying on the table! Find out if you’re eligible to qualify for the Earned Income Tax Credit (EITC) and pay less in taxes.
Students (and former students)
Take advantage of tax credits that could help you pay tuition bills — or your student loans. Find out if you’re eligible for college education tax deductions and credits, like a student loan interest deduction.
Individuals saving for retirement
Did you know that you could reduce the federal income tax you pay by saving money for your retirement? Save money now AND make sure you have enough to retire on — learn more about the Retirement Savings Contribution Credit.
Have you spent your own money on books or supplies for your students? If so, you can deduct those expenses and save money. Find out more about Tax Deductions for Teachers.
Are you a new homeowner? Or have you recently made improvements to your property? If so, you could save hundreds (or even thousands!) of dollars when filing your taxes.
Business owners and the self-employed
Every penny counts when you’re running your own small business! Keep more of your hard-earned money and learn more about tax breaks for Business Owners and Self-Employed.
Victims of natural disasters
Have you been a victim of a hurricane, flood, fire or other natural disaster? Get answers to some common tax questions and learn about potential tax relief available to you. Find out about Tax Deductions for Victims of Disasters.
Members of the armed forces
Did you know that you don’t have to include Veterans Administration disability benefits in your gross income when filing your taxes? Find answers to common questions about special tax benefits and rules for members of the military.