What are the tax deductions and credits available in Connecticut?
Connecticut offers several tax deductions and credits to help reduce your tax liability. Some common deductions include mortgage interest, property taxes, and medical expenses exceeding a certain threshold. Additionally, individuals may claim a standard deduction or choose to itemize deductions for greater benefits. CT also provides various tax credits, such as the Earned Income Tax Credit (EITC) for low-income households and the Child and Dependent Care Credit, which helps offset child care expenses. Other notable credits include the Business Tax Credit and various energy-related credits for residential and commercial properties. However, it's important to consult the state's tax website or a tax professional for specific eligibility criteria and up-to-date information on available deductions and credits.
Answered Nov 1, 2023
Need further help?
Type out your followup or related question and we will get you an answer right away.