It’s Tax Time! For good or bad (depending on if you owe, or expect a refund)!! Most American taxpayers are “regular Joes and Janes.” They work a job or maybe change a job mid-year (so a W-2 or two, children, perhaps a mortgage, some education costs, etc.). The taxes withheld on your W-2 are supposed to come close to the amount of taxes you will owe each year. But there are 2 major categories of tax options that can change what you owe: tax credits and tax deductions.
TOP TIP: Use a CPA or Enrolled Agent (EA) to file your taxes. A professional can make sure you get all of your qualified credits and deductions, and ensure that you follow the tax laws. Tax professionals went through a lot of professional education to master the science (and art) of taxes.
The basics: Tax credits are usually a direct subtraction of what you owe, and can sometimes come back to you in your refund. A tax deduction generally reduces what your taxable income is. In this article, we’re looking at the Top 10 tax credits and deductions, if you qualify!
- 2025 Tax Refund Date Estimator: When You Will Get Your Refund: Where’s My Tax Refund?
- Related: The Biggest Tax Credit Many People Miss: The EITC
- Related: Taxes for Gig Workers: Many Are Unprepared for Lower 1099-K Reporting Threshold
- Related: Taxpayers Warned of New Tax Season Text Message Scam
- Related: Here’s What to Expect for Your Taxes in 2025 and Beyond
Also, a little ways down the page is a chart that can help you estimate when you will get your tax refund (if you get one) – Just scroll down if that’s all you wanna see.
TOP 10 TAX CREDITS WHEN FILING TAXES IN 2025
1. Child Tax Credit
Kids are expensive! And without a doubt, the child tax credit is the number one tax break for families with children under 18. For the 2024 tax year (which we file by April 15, 2025), the child tax credit is worth up to $2,000 per child. What makes this credit the most valuable is that, even if you don’t owe taxes, up to $1,700 may be refunded to qualified parent taxpayers.Income requirements also apply. Of course, it costs a lot more to have kids than this credit gives you credit for! 😉
2. Earned Income Tax Credit
The Earned Income Tax Credit (EITC) is designed for low-income taxpayers with employment income. Taxpayers with and without children are eligible, but those with children can qualify for the higher range of credit. For this tax filing season, the credit ranges from $632 to $7,830, depending on income, and the number of adults and children in the household.
3. Child and Dependent Care Credit
For parents and families with children (under 13) or legally-dependent adults unable to care for themselves, this credit can help defray the cost of day care and other costs. This credit can be up to 35% of $3,000 of expenses for the first dependent. The maximum credit is $6,000 for two or more dependents.
4. American Opportunity Tax Credit (education)
The American opportunity tax credit gives taxpayers a credit for the first $2,000 spent on tuition, books, fees and equipment, for colleges and trade schools. Additionally, another 25% of the next $2,000 can receive a credit, for a total of $2,500. However: dorms, apartments or other living expenses or transportation are not allowable under this credit. Up to $1,000 of the credit is refundable, depending on taxes due.
5. Lifetime Learning Credit (education)
The lifetime learning credit is a college and trade school-focused credit that allows up to a 20% credit for up to $10,000 paid on tuition, books and fees. The maximum credit value is $2,000. Living, housing and transportation are not included.
6. Student loan interest deduction
Taxpayers can use this deduction to “write off” some of the interest on their student loans (college and trade schools). The deduction can offset up to $2,500 from their taxable income based on the interest they paid in the previous year on those student loans.
7. Adoption credit
Parents of adopted children can get a tax break to help cover some of the qualified costs of the adoption process. The credit decreases if the taxpayer earns higher income. At maximum value, the credit can be worth $16,810 for the 2025 tax filing season (for adoptions in 2024 and prior).
8. Deduction for charitable donations
The deduction for giving charitable donations (money or items) is only available to taxpayers who itemize their deductions on their tax returns. If so, then such charitable gifts can generally receive a deduction of up to 50% of their adjusted gross income, based on the amount of donations.
9. Deduction for medical expenses
This deduction must be part of an itemized tax return. In general, taxpayers may be able to deduct medical and dental expenses you paid for themself, their spouse or dependents during the taxable year if they exceed 7.5% of their adjusted gross income for the year.
10. SALT Deduction (State and Local Taxes)
Taxpayers, generally homeowners, can deduct up to $10,000 ($5,000 if single or married filing separately) for the amount they paid in property taxes and either state and local income taxes or sales taxes.
== EXTRA ==
When Will You Get Your 2025 Income Tax Refund?
Do not take these dates as exact predictions, as all taxpayers have different tax returns, documents, incomes, and other situations. Note that the first column is when the IRS “accepts” your return, which can be 2-3 days after the day you submitted it electronically, and the IRS will notify you of the actual date on which the agency “accepted” your return (usually by text or email). Mailing in a paper return can result in 3-4 weeks’ extra delay at the beginning of the process, since the IRS will need to enter it into their computer systems manually.
Estimated 2025 IRS Income Tax Return Chart
| If the IRS Accepts an E-Filed Return By: | Then Direct Deposit refund may be received as early as 10 days after e-file accepted. (E-filed, but paper check mailed apx. 1 week after that): |
|---|---|
| The IRS started accepting returns on Jan. 27, 2025. | |
| Jan. 27, 2025 | Feb. 7 (Feb. 14)** |
| Feb. 3 | Feb. 14 (Feb. 21)** |
| Feb. 10 | Feb. 21 (Feb. 28)** |
| Feb. 17 | Feb. 28 (Mar. 7)** |
| Feb. 24 | Mar. 7 (Mar. 14) |
| Mar. 3 | Mar. 14 (Mar. 21) |
| Mar. 10 | Mar. 21 (Mar. 28) |
| Mar. 17 | Mar. 28 (Apr. 4) |
| Mar. 24*** | Apr. 4 (Apr. 11)*** |
| Mar. 31*** | Apr. 11 (Apr. 18)*** |
| Apr. 7 *** | Apr. 18 (Apr. 25)*** |
| Apr. 14*** | Apr. 25 (May 2)*** |
** = Returns with EITC or CTC may have refunds delayed until March to verify credits.
*** = Filing during peak season (late March through April 15) can result in slightly longer waits.
| IRS Accepts Return By: | Direct Deposit Sent (Or Paper Check Mailed one week later) |
|---|---|
| Apr. 21 | May 2 (May 9) |
| Apr. 28 | May 9 (May 16) |
| May 5 | May 16 (May 23) |
| May 12 | May 23 (May 30) |
| May 19 | May 30 (June 6) |
If your IRS income tax refund is delayed after you’ve filed, ask your tax professional, or simply use the “Where’s My Refund?” tool on the IRS website to check the status of your refund. Or you can download the IRS2Go app to check your refund status. It’s a good idea to e-file your tax return as soon as you have all of your tax documents (like your W2, 1099s, mortgage and student loan interest, and other items) as e-filing generally ensures a faster turnaround time.
Several factors can determine when a taxpayer might receive his or her tax refund, including:
- How early the return is filed;
- If the taxpayer is claiming certain credits (especially EITC and CTC);
- Whether the return is e-filed or sent by mail;
- Whether the taxpayer has existing debts to the federal government.
Be Safe – Hire a Professional
Taxpayers who use a professional, such as a CPA or EA, can ask that professional for the estimated date of their tax refund, and they can be more confident that their taxes have been properly (and legally) filed. (And you can often save, or get a bigger refund, by using a professional.)
There are also apps for Apple, Android and other devices that help track refund status.
What If You Can’t File Your Income Taxes By April 15?
Any taxpayer who can’t file their return by April 15 for any reason (such as they don’t have all of the paperwork needed in order to file their taxes) can easily file an extension form, “Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.” (Link to IRS Form 4868.) Any tax pro can help you with this, as well. This will give the taxpayer until October 15, 2025, to file the federal tax return. No reason or excuse is needed to receive this extension, and as the title states, it is automatically granted. Be sure to check the extension rules for your particular state as the extension date may differ from the date for the federal return extension.
Note that if a person will owe taxes with the tax return, it is still that taxpayer’s obligation to pay those taxes by April 15, 2025, even if an extension to file has been requested. A tax professional can assist with this payment process. Those who are due a refund generally only need to file the extension request by April 15, 2025. Any tax professional and most do-it-yourself tax programs can perform this task.
Tax Refund Estimators:
- https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
- https://www.taxact.com/tools/tax-calculator
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Aleatha Yarrington February 4 2025 at 6:22 pm
Regarding my tax refund 2001 I never got my refund $2, 172.00 I am looking at my taxes at this time do you need me to send the actual amount that they owe me?