Lesson 3: Federal Income, Deductions, and Credits
This lesson is a deeper dive into federal tax law, covering different types of income, common deductions, and valuable credits like the Child Tax Credit and Earned Income Tax Credit (EITC).
Key Topics
- Identifying Different Types of Income (W-2, 1099, etc.)
- Above-the-Line vs. Below-the-Line Deductions
- Understanding Tax Credits
- The Child Tax Credit (CTC)
- The Earned Income Tax Credit (EITC)
- Other Common Credits and Deductions