What deductions or credits are available in Virginia?
Asked a year ago
In Virginia, taxpayers are eligible for various deductions and credits. Some commonly utilized deductions include the Standard Deduction and the Itemized Deductions, allowing individuals to reduce their taxable income by subtracting a specified amount. Additionally, tax credits are available to alleviate tax burdens further. The Earned Income Tax Credit (EITC) supports low-income working individuals and families, while the Child and Dependent Care Credit aids in covering child care expenses. Virginia also offers a Credit for Low-Income Individuals or Families, enabling eligible taxpayers to receive an income tax credit. Lastly, numerous business tax credits encourage economic growth and investments, such as the Major Business Facility Job Tax Credit and the Green Job Creation Tax Credit. All of these deductions and credits are aimed at assisting Virginians in reducing their tax liabilities and fostering economic development within the state.
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