Possible Tax Deductions 2024. Use smartasset's tax return calculator to see how your income, withholdings, deductions and credits impact your tax refund or balance due amount. Whether you’re a small business owner, a solo entrepreneur, or a freelancer, understanding tax deductions is an essential skill.

If you qualify, claiming the deductions and credits on this list could lower your tax bill or — in some. 4, 2024 — tax credits and deductions change the amount of a person’s tax bill or refund.