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While many deductions were cut or modified with the Tax Cuts and Jobs Act (TCJA) of 2017, most tax credits were retained. Tax credits are more powerful than tax deductions because they directly subtract from your tax bill (deductions only reduce taxable income). Refundable tax credits are even better, since refunds can be greater than your tax bill.
Explains Betterment Head of Tax Eric Bronnenkant, "Credits are, in general, more valuable than deductions, because they reduce your taxes dollar-for-dollar." Do you qualify for any of the following nine tax credits?
1. Earned Income Tax Credit (EITC) – One of the most popular and powerful tax credits available to low-income families, the EITC allows up to $6,557 in refundable credits (for married couples filing jointly) for those who have three or more qualifying children in tax year 2019. ...
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