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Taxes
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The state taxes you paid can be claimed as an itemized deduction

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Some state taxes, along with certain items such as mortgage interest paid on your home and charitable donations, can be claimed as an itemized deduction.

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Which of the following purchases is not eligible for a deduction or federal tax credit?

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You may qualify for a federal tax credit for installing energy-efficient windows, insulation or doors. Additionally, installing solar panels or other renewable energy sources may help you qualify for the Residential Energy Efficient Property Credit.

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Key Takeaways

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  • Check to see if you qualify for the Earned Income Tax Credit, which will offset the amount of taxes you owe and can help provide you with a refund
  • The mortgage interest deduction and property tax deduction are potentially two of the biggest tax deductions for which a homeowner may qualify
  • Evaluate if a standard or itemized deduction is more beneficial to your financial situation
  • In addition to federal tax credits, some states offer credits and deductions for making certain energy efficient home improvements
  • If you’re a student, the American Opportunity Tax Credit and the Lifetime Learning Credit can help reduce the amount you owe in taxes depending on your filing and education status
  • If you qualify as self-employed, you may need to pay your taxes quarterly. Check out Form 1040-ES to help you estimate what you owe